By Cristal Cody
Chicago, Sept. 8 – W.R. Berkley Corp. sold an upsized $350 million offering of 3.15% 40-year senior notes (Baa1/BBB+/BBB+) on Wednesday at 99.053 to yield 3.192%, according to an FWP filed with the Securities and Exchange Commission.
The notes priced with a spread of 125 basis points over the benchmark Treasury. The notes had been talked for a spread in the Treasuries plus 155 bps area. A market source had noted that the offering was expected to come at a $300 million size.
The notes have a make-whole call at Treasuries plus 20 bps and a par call six months before the maturity date.
BofA Securities, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the bookrunners.
Willkie Farr & Gallagher LLP is advising the issuer regarding legal matters.
Proceeds will be used for general corporate purposes.
W.R. Berkley is a Greenwich, Conn.-based insurance holding company.
| Issuer: | W.R. Berkley Corp.
|
| Issue: | Senior notes
|
| Amount: | $350 million
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| Maturity: | Sept. 30, 2061
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| Bookrunners: | BofA Securities, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Coupon: | 3.15%
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| Price: | 99.053
|
| Yield: | 3.192%
|
| Spread: | Treasuries plus 125 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps until March 30, 2061; par call thereafter
|
| Trade date: | Sept. 8
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| Settlement date: | Sept. 15
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 155 bps area
|
| Cusip: | 084423AW2
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