By Andrea Heisinger
New York, March 13 - W.R. Berkley Corp. priced an upsized $350 million of 4.625% 10-year senior notes on Tuesday at a spread of 260 basis points over Treasuries, a market source away from the trade said.
The deal size was increased from $250 million, the source said.
The notes (Baa2/BBB+/BBB+) were sold at 99.62 to yield 4.673%. There is a make-whole call at Treasuries plus 40 bps.
Bank of America Merrill Lynch was the active bookrunner. Passive bookrunners were Goldman Sachs & Co. and Wells Fargo Securities LLC.
Proceeds will be used for general corporate purposes, including repayment of $200 million of 5.875% senior notes maturing on Feb. 15, 2013.
The insurance holding company is based in Greenwich, Conn.
| Issuer: | W.R. Berkley Corp.
|
| Issue: | Senior notes
|
| Amount: | $350 million, upsized from $250 million
|
| Maturity: | March 15, 2022
|
| Bookrunners: | Bank of America Merrill Lynch (active), Goldman Sachs & Co., Wells Fargo Securities LLC (passive)
|
| Coupon: | 4.625%
|
| Price: | 99.62
|
| Yield: | 4.673%
|
| Spread: | Treasuries plus 260 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Trade date: | March 13
|
| Settlement date: | March 16
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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