By Taylor Fox
New York, Feb. 3 – W.R. Berkley Corp. sold a $300 million offering of $25-par 4.125% subordinated debentures due March 30, 2061 (Baa2/BBB-) at par, according to a press release and an FWP filing with the Securities and Exchange Commission.
There is no greenshoe.
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 March 30, 2021.
The debentures are redeemable on or after March 30, 2026 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 at 102.
W.R. Berkley plans to use the proceeds for the redemption of its $110 million aggregate principal amount of 5.9% subordinated debentures due 2056, 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 “WRBPrH.”
W.R. Berkley is a Greenwich, Conn.-based insurance holding company.
| Issuer: | W.R. Berkley Corp.
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| Description: | Subordinated debentures
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| Amount: | $300 million
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| Maturity: | March 30, 2061
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| Bookrunners: | Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC and Wells Fargo Securities, LLC
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| Coupon: | 4.125%
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| Price: | Par of $25
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| Yield: | 4.125%
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| Call: | On or after March 30, 2026 at par; prior to that, within 90 days after a tax event at par or within 90 days after a rating agency event 102
|
| Pricing date: | Feb. 3
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| Settlement date: | Feb. 10
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| Ratings: | Moody’s: Baa2
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| S&P: BBB-
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| Listing: | NYSE: WRBPrH
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