New Issue: Assurant prices $350 million 3.7% notes due 2030 at 218 bps spread

By Cristal Cody

Tupelo, Miss., Aug. 15 – Assurant Inc. priced $350 million of 3.7% senior notes due Feb. 22, 2030 (Baa3/BBB) on Thursday at 99.965 to yield 3.704%, according to an FWP filed with the Securities and Exchange Commission.

The notes priced with a spread of 218 basis points over Treasuries.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Goldman Sachs & Co. LLC were the bookrunners.

Proceeds will be used to fund the purchase of up to $100 million of the company’s $375 million of 6.75% notes due 2034 and to redeem all or a portion of its $300 million of floating-rate senior notes due 2021.

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

Issuer:	Assurant Inc.
Amount:	$350 million
Description:	Senior notes
Maturity:	Feb. 22, 2030
Bookrunners:	J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Goldman Sachs & Co. LLC
Co-managers:	BMO Capital Markets Corp., KeyBanc Capital Markets Inc., Scotia Capital (USA) Inc. U.S. Bancorp Investments, Inc., Barclays, HSBC Securities (USA) Inc., Lloyds Securities Inc. and Morgan Stanley & Co. LLC
Coupon:	3.7%
Price:	99.965
Yield:	3.704%
Spread:	Treasuries plus 218 bps
Call features:	Make-whole call before Nov. 22, 2029 at greater of par and Treasuries plus 35 bps; thereafter at par
Trade date:	Aug. 15
Settlement date:	Aug. 22
Ratings:	Moody’s: Baa3
	S&P: BBB
Distribution:	SEC registered

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