By Aleesia Forni
Virginia Beach, July 30 – W.R. Berkley Corp. sold an upsized $350 million of 4.75% 30-year senior notes (Baa2/BBB+/) on Wednesday at 150 basis points over Treasuries, according to an informed source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.494 to yield 4.782%.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to repay the company’s $200 million of 5.6% senior notes due May 15, 2015 and for general corporate purposes.
Greenwich, Conn.-based W.R. Berkley is an insurance holding company.
| Issuer: | W.R. Berkley Corp.
|
| Amount: | $350 million, upsized from $250 million
|
| Description: | Senior notes
|
| Maturity: | Aug. 1, 2044
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
|
| Coupon: | 4.75%
|
| Price: | 99.494
|
| Yield: | 4.782%
|
| Spread: | Treasuries plus 150 bps
|
| Trade date: | July 30
|
| Settlement date: | Aug. 6
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor's: BBB+
|
| Price talk: | Treasuries plus 155 bps area
|
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