New Issue: Assurant prices $175 million 6.1% notes due 2026 with 170 bps spread

By Wendy Van Sickle

Columbus, Ohio, Feb. 23 – Assurant Inc. priced $175 million of 6.1% three-year notes (Baa2/BBB) at Treasuries plus 170 basis points on Thursday according to an FWP filed with the Securities and Exchange Commission.

The notes priced at 99.965 to yield 6.113%.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Goldman Sachs & Co. LLC were the bookrunners.

Proceeds will be used with cash on hand to redeem a portion of the company’s $225 million outstanding 4.2% senior notes due 2023.

Assurant is a New York-based provider of risk management products and services.

Issuer:	Assurant Inc.
Amount:	$175 million
Issue:	Notes
Maturity:	Feb. 27, 2026
Bookrunners:	J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Goldman Sachs & Co. LLC
Co-managers:	BMO Capital Markets Corp., KeyBanc Capital Markets Inc., Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc., Barclays, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Lloyds Securities Inc., Morgan Stanley & Co. LLC and TD Securities (USA) LLC
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Davis Polk & Wardwell LLP
Counsel to underwriters:	Thacher & Bartlett LLP
Coupon:	6.1%
Price:	99.965
Yield:	6.113%
Spread:	Treasuries plus 170 bps
Call:	Make-whole call at Treasuries plus 25 bps until Jan. 27, 2026, then a par call
Trade date:	Feb. 23
Settlement date:	Feb. 28
Ratings:	Moody’s: Baa2
	S&P: BBB
Distribution:	SEC registered
Cusip:	04621XAP3

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