Assurant prices tender offer for 6.75% senior notes due 2034

By Marisa Wong

Morgantown, W.Va., Dec. 22 – Assurant, Inc. announced pricing under its tender offer for up to $100 million principal amount of its $475 million 6.75% senior notes due 2034. The offer began on Dec. 9.

The total consideration is $1,218.74 per $1,000 principal amount of notes tendered by 5 p.m. ET on Dec. 22, the early tender date, and accepted for purchase. The total consideration includes a $30.00 early tender premium.

The total consideration was 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. The reference yield was 3.155%.

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 at 11:59 p.m. ET on Jan. 9.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.