Assurant tender offer for 6.75% notes oversubscribed at early date

By Wendy Van Sickle

Columbus, Ohio, Dec. 22 – Assurant, Inc. said it received early tenders totaling $160,202,000 in its 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 early tender date was 5 p.m. ET on Dec. 22.

The total consideration is $1,218.74 per $1,000 principal amount of notes tendered by 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.

Because the offer was oversubscribed by the early date, the company expects to accept notes tendered by then on a pro rata basis and will not accept any notes tendered after the early date, according to a press release.

The offer had been set to run until 11:59 p.m. ET on Jan. 9.

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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