By Cristal Cody
Tupelo, Miss., Sept. 1 – W.R. Berkley Corp. priced $170 million of 4% 30-year senior notes (Baa1/BBB+) on Tuesday at 117.217 to yield 3.099%, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of Treasuries plus 162.5 basis points, tighter than talk in the 185 bps area.
W.R. Berkley first priced the issue on May 5 in a $300 million trade at 99.515 to yield 4.028%, or a Treasuries plus 270 bps spread. The total outstanding is now $470 million.
Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used to redeem the company’s $350 million of 5.625% subordinated debentures due 2053.
W.R. Berkley is a Greenwich, Conn.-based insurance holding company.
| Issuer: | W.R. Berkley Corp.
|
| Amount: | $170 million reopening
|
| Description: | Senior notes
|
| Maturity: | May 12, 2050
|
| Bookrunners: | Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC
|
| Coupon: | 4%
|
| Price: | 117.217
|
| Yield: | 3.099%
|
| Spread: | Treasuries plus 162.5 bps
|
| Call feature: | Make-whole call at Treasuries plus 40 bps until Nov. 12, 2049; thereafter at par
|
| Trade date: | Sept. 1
|
| Settlement date: | Sept. 9
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 185 bps area
|
| Total outstanding: | $470 million, including $300 million of notes priced May 5 at 99.515 to yield 4.028%, or Treasuries plus 270 bps
|
|
|
|
|
© 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.
