Travelers files $1 billion IPO of common, mandatory convertible

Nashville, Tenn., Feb. 8 - Travelers Property Casualty Corp., the insurance unit of Citigroup Inc., on Friday filed a registration to raise as much as $1 billion in a proposed initial public offering. The offering will consist of common stock and mandatory convertibles in the upper DECS (debt exchangeable convertible securities) structure, but the amount of each type of security was not specified.

The Hartford, Conn.-based company said in the IPO prospectus filed at the U.S. Securities and Exchange Commission that it plans to use proceeds to repay debt it owes to Citigroup.

Citigroup's Salomon Smith Barney was named as the sole underwriter, but timing was not outlined.

Citigroup shares closed Friday up $1.35 to $45.49.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.