By Taylor Fox and Cristal Cody
New York, March 9 – W.R. Berkley Corp. sold a $400 million offering of 3.55% senior notes due 2052 (Baa1/BBB+) at 99.588 to yield 3.572%, or a spread of Treasuries plus 130 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes were talked with a spread in the Treasuries plus 145 bps area, according to a market source.
The notes feature a make-whole call with a premium of Treasuries plus 20 bps until six months prior to maturity and then the notes 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.
| Issuer: | W.R. Berkley Corp.
|
| Description: | Senior notes
|
| Amount: | $400 million
|
| Maturity: | March 30, 2052
|
| Bookrunners: | BofA Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Coupon: | 3.55%
|
| Price: | 99.588
|
| Yield: | 3.572%
|
| Spread: | Treasuries plus 130 bps
|
| Call: | On or after Sept. 30, 2051 at Treasury plus 20 bps; thereafter at par
|
| Pricing date: | March 9
|
| Settlement date: | March 16
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Talk: | Treasuries plus 145 bps
|
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