New Issue: Travelers prices $500 million 4.1% 30-year senior notes at 107 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Feb. 27 – Travelers Cos., Inc. priced $500 million of 4.1% 30-year senior notes (A2/A/A) on Wednesday at a spread of Treasuries plus 107 basis points, on the tight side of guidance in the 110 bps spread area, according to a market source an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.623 to yield 4.122%.

Goldman Sachs & Co. LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC and U.S. Bancorp Investments, Inc. were the bookrunners.

Proceeds will be used to retire the company’s $500 million of 5.9% senior notes due June 2, 2019.

Travelers is a New York-based holding company for auto, home and business property casualty insurance companies.

Issuer:	Travelers Cos., Inc.
Amount:	$500 million
Description:	Senior notes
Maturity:	March 4, 2049
Bookrunners:	Goldman Sachs & Co. LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC and U.S. Bancorp Investments, Inc.
Co-managers:	Barclays, BB&T Capital Markets, BNY Mellon Capital Markets, LLC, Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc. and TD Securities (USA) LLC
Coupon:	4.1%
Price:	99.623
Yield:	4.122%
Spread:	Treasuries plus 107 bps
Call features:	Make-whole call before Sept. 4, 2048 at Treasuries plus 20 bps; thereafter at par
Trade date:	Feb. 27
Settlement date:	March 4
Ratings:	Moody’s: A2
	S&P: A
	Fitch: A
Distribution:	SEC registered
Price guidance:	Treasuries plus 110 bps area, plus or minus 3 bps; initial talk at 125 bps spread area

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