By Andrea Heisinger
New York, March 25 - Assurant, Inc. priced $700 million of notes (Baa2/BBB/) in two maturities during Monday's session, a market source said.
The size was decreased from a planned $750 million in three parts, with a 30-year bond axed from the sale and the remaining two tranches reallocated in size.
A $350 million tranche of 2.96% five-year notes sold at a spread of Treasuries plus 175 basis points.
There was $350 million of 4.26% 10-year notes priced at a spread of 212.5 bps over Treasuries.
Full terms of the trade were not available at press time.
BofA Merrill Lynch and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including repayment of $500 million of 5.63% notes due in February of 2014.
The specialized insurance company is based in New York City.
| Issuer: | Assurant, Inc.
|
| Issue: | Notes
|
| Amount: | $700 million, downsized from $750 million
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC
|
| Trade date: | March 25
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
|
|
| Five-year notes
|
| Amount: | $350 million
|
| Maturity: | 2018
|
| Coupon: | 2.96%
|
| Spread: | Treasuries plus 175 bps
|
|
|
| 10-year notes
|
| Amount: | $350 million
|
| Maturity: | 2023
|
| Coupon: | 4.26%
|
| Spread: | Treasuries plus 212.5 bps
|
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