Assurant plans fixed income investor calls ahead of planned sale of notes in three tranches

By Cristal Cody

Tupelo, Miss., March 14 – Assurant Inc. (Baa2/BBB+) will start a two-day round of fixed income investor calls on Thursday for a three-tranche offering of notes, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

The company plans to price two tranches of fixed-rate senior notes due 2023 and 2028 and one tranche of fixed-to-floating rate subordinated notes due 2048.

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

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

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

Proceeds from the deal will be used, along with proceeds from the Monday 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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