By Cristal Cody
Eureka Springs, Ark., May 4 – Travelers Cos., Inc. priced a $500 million offering of 3.75% 30-year senior notes (A2/A) with a spread of 115 basis points over Treasuries on Wednesday, according to a market source and a 424B3 filing with the Securities and Exchange Commission.
Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc. and U.S. Bancorp Investments Inc. were the bookrunners.
Proceeds will be used to retire the company’s $400 million outstanding of 6.25% senior notes due 2016, which will mature on June 20, 2016.
Proceeds also will be used for general corporate purposes and debt retirement, including the potential redemption of the company’s 6.25% fixed-to-floating junior subordinated debentures due 2067.
Travelers is a holding company for commercial, property and casualty insurance subsidiaries based in New York City.
| Issuer: | Travelers Cos., Inc.
|
| Amount: | $500 million
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| Maturity: | May 15, 2046
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| Securities: | Senior notes
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| Bookrunners: | Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., U.S. Bancorp Investments Inc.
|
| Coupon: | 3.75%
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| Spread: | Treasuries plus 115 bps
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| Pricing date: | May 4
|
| Ratings: | Moody’s: A2
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| S&P: A
|
| Distribution: | SEC registered
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