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Hanover Insurance to redeem 6.35% debentures due 2053 on Sept. 19
By Wendy Van Sickle
Columbus, Ohio, Aug. 20 – Hanover Insurance Group plans to redeem in full its $175 million 6.35% subordinated debentures due 2053 (Cusip: 410867204) at par on Sept. 19, according to an 8-K filing with the Securities and Exchange Commission.
The company plans to fund the redemption using proceeds from an offering of new fixed-rate senior notes, as previously reported. The company priced $300 million 2.5% 10-year notes at 185 basis points over Treasuries on Wednesday.
U.S. Bank NA is the paying agent for the redemption.
Worcester, Mass.-based Hanover is a property and casualty insurance company.
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