Assurant plans fixed-rate notes and fixed-to-floaters in three parts

By Devika Patel

Knoxville, Tenn., March 14 – Assurant Inc. intends to conduct a three-tranche offering of notes, including two tranches of fixed-rate senior notes due 2023 and 2028 and one tranche of fixed-to-floating rate subordinated notes due 2048, according to a 424B5 filed with the Securities and Exchange Commission.

For the fixed-to-floaters, interest will accrue at a fixed rate until 2028 and at a rate based on Libor after that.

The fixed-to-floaters are non-callable. The fixed-rate notes feature a make-whole call and then a par call.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and U.S. Bancorp Investments Inc. are the bookrunners.

Proceeds will be used with the proceeds from the March 12 sale of mandatory convertible preferred stock, available cash on hand and common stock to finance the company's planned acquisition of TWG Holdings Ltd. and refinance its $350 million of 2.5% senior notes due 2018.

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

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