By Cristal Cody
Tupelo, Miss., May 13 – Alleghany Corp. priced an upsized $500 million of 3.625% 10-year notes (Baa1/BBB+) on Wednesday at 99.867 to yield 3.641%, or a spread of Treasuries plus 300 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were talked to print in the 312.5 bps to 325 bps spread area.
The deal was upsized from $400 million.
Bookrunners were BMO Capital Markets Corp., Goldman Sachs & Co. LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC.
Alleghany is a New York-based investment holding company.
| Issuer: | Alleghany Corp.
|
| Amount: | $500 million
|
| Maturity: | May 15, 2030
|
| Description: | Senior notes
|
| Bookrunners: | BMO Capital Markets Corp., Goldman Sachs & Co. LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
|
| Coupon: | 3.625%
|
| Price: | 99.867
|
| Yield: | 3.641%
|
| Spread: | Treasuries plus 300 bps
|
| Call features: | Make-whole call at Treasuries plus 45 bps before Feb. 15, 2030; thereafter at par
|
| Trade date: | May 13
|
| Settlement date: | May 18
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 312.5 bps-325 bps area
|
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