Assurant offers to repurchase $100 million of 6.75% notes due 2034

By Angela McDaniels

Tacoma, Wash., Dec. 9 – Assurant, Inc. began a tender offer for up to $100 million principal amount of its $475 million 6.75% senior notes due 2034, according to a company news release.

The early tender date is 5 p.m. ET on Dec. 22, and the tender offer will expire at 11:59 p.m. ET on Jan. 9.

The total consideration will be set at 2 p.m. ET on Dec. 22 by reference to the yield to maturity of the 2.25% Treasury due Aug. 15, 2046 and a fixed spread of 170 basis points.

Had the total consideration been set at 2 p.m. ET on Dec. 8, it would have been $1,224.43.

The total consideration will include an early tender premium of $30.00 per $1,000 principal amount of notes tendered by the early tender date.

The company will also pay accrued interest up to but excluding the settlement date, which is expected to be Dec. 23 for notes tendered by the early tender date and Jan. 10 for notes tendered after the early tender date but prior to the offer expiration.

Subject to the tender cap, all notes tendered by the early tender deadline will be accepted before any notes tendered after the early tender deadline.

The dealer manager is Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760). The information agent is Global Bondholder Services Corp. (212 430-3774, 866 470-4500 or assurant@gbsc.com).

Assurant provides risk management solutions and is based in New York.

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