W.R. Berkley to price $400 million 31-year senior notes, talk at 145 bps spread

By Devika Patel and Cristal Cody

Knoxville, Tenn., March 9 – W.R. Berkley Corp. expects to price $400 million of senior notes due March 30, 2052, according to a 424B5 filed with the Securities and Exchange Commission and a market source.

The notes are being talked with a spread in the Treasuries plus 145 basis points area.

The notes feature a make-whole call until six months prior to maturity and then are callable at par.

BofA Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the bookrunners.

Proceeds will be used to repay at maturity the company's $76.5 million of 8.7% senior notes due 2022 and $350 million of 4.625% senior notes due 2022 and the remaining balance, if any, for general corporate purposes.

W.R. Berkley is a Greenwich, Conn.-based insurance holding company.

© 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.