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Assurant prices tender; offer oversubscribed at early deadline
By Rebecca Melvin
New York, Aug. 29 – Assurant, Inc. announced $119,939,000 principal amount of its outstanding 6.75% senior notes due 2034 have been tendered by the early deadline related to its cash tender offer to purchase up to $100 million aggregate principal amount of the notes.
There is $375 million principal amount outstanding of the notes, according to a press release.
Because the principal amount of notes tendered exceeds the tender cap, Assurant will accept the notes for purchase on a pro rata basis using a proration factor of 83.42% and will not accept any notes tendered after the early tender deadline.
The total consideration is $1,295.58 per $1,000 principal amount of notes. This includes an early tender premium of $50.00 per $1,000 principal amount tendered by 5 p.m. ET on Aug. 28. Holders will also receive accrued interest.
The settlement date is expected to be Aug. 30.
Pricing was set using the 2.875% Treasury due May 15, 2049 plus 205 basis points. The reference yield, 1.982%, was determined at 10 a.m. ET on Aug. 29.
The offer will expire at 11:59 p.m. ET on Sept. 12.
The tender offer’s financing condition was satisfied on Aug. 22 when Assurant issued $350 million of 3.7% senior notes due Feb. 22, 2030.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424) and Wells Fargo Securities, LLC (866 309-6316 or 704 410-4756) 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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