CNA Financial to price fixed-rate notes via six bookrunners

By Marisa Wong

Los Angeles, May 17 – CNA Financial Corp. plans to price an offering of fixed-rate notes, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will feature an optional make-whole call, followed by an optional par call.

BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Barclays, Citigroup Global Markets Inc. and U.S. Bancorp Investments, Inc. are the joint bookrunners.

U.S. Bank Trust Co., NA is the trustee.

Mayer Brown LLP will act as counsel for the issuer. Cravath, Swaine & Moore LLP will be counsel for the underwriters.

The issuer intends to use proceeds to repurchase, redeem, repay or otherwise retire the $243 million outstanding balance of its 7.25% debentures due Nov. 15, 2023. Any remaining proceeds will be used for general corporate purposes.

The commercial insurance company is based in Chicago.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.