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W.R. Berkley selling $150 million $25-par debentures due 2053 on Thursday; talk around 5.75%
By Stephanie N. Rotondo
Phoenix, April 25 - W.R. Berkley Corp. announced an offering of at least $150 million $25-par subordinated debentures due 2053 on Thursday.
Price talk on the notes (expected ratings: Baa3/BBB-/BBB-) is around 5.75%.
BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities are the joint bookrunners.
The company can redeem the notes, in whole or in part, in 2018 at par plus accrued interest. The notes can be called prior to 2018 within 90 days of a tax or rating agency event.
In the case of the tax event, the call price would be par plus a make-whole premium.
The notes will be listed on the New York Stock Exchange under the ticker symbol "WRBPB."
Proceeds will be used to repay all or part of the$250 million of 6.75% subordinated debentures due 2045 currently held by W.R. Berkley Capital Trust II and for general corporate purposes. W.R. Capital Trust II would then use the funds to call all or part of its 6.75% trust originated preferred securities.
W.R. Berkley is a Greenwich, Conn.-based insurance holding company.
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