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W.R. Berkley to sell $25-par 40-year subordinated debentures
By James McCandless
San Antonio, Sept. 16 – W.R. Berkley Corp. plans to sell an offering of $25-par subordinated debentures due Sept. 30, 2060, according to a 424B5 filing with the Securities and Exchange Commission.
Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC and Wells Fargo Securities, LLC are the bookrunners.
Coupons are payable on March 30, June 30, Sept. 30 and Dec. 30, starting on Dec. 30, 2020.
The debentures are redeemable on or after Sept. 30, 2025 at par. Prior to that, the debentures are redeemable within 90 days after a tax event at par or within 90 days after a rating agency event 102%.
W.R. Berkley plans to use the proceeds for the redemption of the remaining $150 million aggregate principal amount of 5.625% subordinated debentures due 2053, with the remaining balance, if any, for general corporate purposes.
The company plans to list the debentures on the New York Stock Exchange under the symbol “WRBPrG.”
W.R. Berkley is a Greenwich, Conn.-based insurance holding company.
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