Assurant tenders for up to $100 million of 6.75% notes due 2034

By Sarah Lizee

Olympia, Wash., Aug. 15 – Assurant, Inc. launched a cash tender offer to purchase up to $100 million of its $375 million 6.75% senior notes due 2034, according to a press release.

The offer will expire at 11:59 p.m. ET on Sept. 12.

Pricing will be set using the 2.875% U.S. Treasury note due May 15, 2049 plus 205 basis points.

The reference yield will be determined at 10 a.m. ET on Aug. 29.

Holders who tender their notes before the early deadline, 5 p.m. ET on Aug. 28, will receive an early tender premium of $50 per $1,000 note.

Holders will also receive accrued interest.

Tenders may be withdrawn before the early deadline.

Settlement is expected on Sept. 16.

The tender offer is subject to a financing condition. The company intends to price dollar-denominated fixed-rate senior notes due 2030, according to a 424B5 filed with the Securities and Exchange Commission.

Tendered notes may be subject to proration if the amount tendered exceeds the cap.

J.P. Morgan Securities LLC (866 834-4666 toll-free or 212 834-3424 collect) and Wells Fargo Securities, LLC (866 309-6316 or 704 410-4756 collect) are dealer managers. D.F. King & Co., Inc. (212 269-5550 for banks and brokers only, 877 864-5060 for all others or aiz@dfking.com) is the tender agent and information agent.

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

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