By Aleesia Forni
Virginia Beach, Sept. 25 - RLI Corp. priced $150 million 4.875% 10-year senior notes on Wednesday with a spread of Treasuries plus 230 basis points, according to an FWP filed with the Securities and Exchange Commission.
The notes (Baa2/BBB+/) priced at 99.714 to yield 4.912%.
J.P. Morgan Securities LLC and Keefe, Bruyette & Woods Inc. were the joint bookrunners.
The company plans to use the proceeds to repay its 5.95% senior notes due 2014 before or when they mature in January 2014. Remaining proceeds will be used for general corporate purposes.
RLI is a Peoria, Ill., property and casualty insurance company.
Issuer: | RLI Corp.
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Amount: | $150 million
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Description: | Senior notes
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Maturity: | Sept. 15, 2023
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Bookrunners: | J.P. Morgan Securities LLC, Keefe, Bruyette & Woods Inc.
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Coupon: | 4.875%
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Price: | 99.714
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Yield: | 4.912%
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Spread: | Treasuries plus 230 bps
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Make-whole call: | Treasuries plus 35 bps
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Trade date: | Sept. 25
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Settlement date: | Oct. 2
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Ratings: | Moody's: Baa2
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| Standard & Poor's: BBB+
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Distribution: | SEC registered
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