By Andrea Heisinger
New York, Sept. 9 - W.R. Berkley Corp. sold $300 million of 7.375% 10-year senior notes late Wednesday to yield Treasuries plus 390 basis points, an informed source said.
The notes (Baa2/BBB+/) priced at par to yield 7.375%.
Bookrunner was Credit Suisse Securities, with Bank of America Merrill Lynch also in on the sale.
Proceeds are being used for general corporate purposes, for the potential repurchase of common stock and to repay debt, including $150 million of 5.125% senior notes maturing Sept. 30, 2010.
The insurance holding company is based in Greenwich, Conn.
| Issuer: | W.R. Berkley Corp.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Sept. 15, 2019
|
| Bookrunner: | Credit Suisse Securities (active), Bank of America Merrill Lynch (passive)
|
| Coupon: | 7.375%
|
| Price: | Par
|
| Yield: | 7.375%
|
| Spread: | Treasuries plus 390 bps
|
| Trade date: | Sept. 9
|
| Settlement date: | Sept. 14
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
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