By Andrea Heisinger
New York, Nov. 10 - HCC Insurance Holdings, Inc. priced $300 million of 6.3% 10-year senior unsecured notes on Tuesday to yield Treasuries plus 287.5 basis points, a market source said.
The notes (Baa1/A/A) priced at 99.488 to yield 6.37%. There is a make-whole call at 50 bps over Treasuries.
Bookrunners were Bank of America Merrill Lynch, J.P. Morgan Securities Inc. and Wells Fargo Securities.
Co-managers were Citigroup Global Markets Inc., Deutsche Bank Securities Inc., KeyBanc Capital Markets and RBS Securities Inc.
Proceeds will go to repay outstanding debt under a revolving credit facility.
The specialty insurance group is based in Houston.
| Issuer: | HCC Insurance Holdings, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $300 million
|
| Maturity: | Nov. 15, 2019
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc., Wells Fargo Securities
|
| Co-managers: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., KeyBanc Capital Markets, RBS Securities Inc.
|
| Coupon: | 6.3%
|
| Price: | 99.488
|
| Yield: | 6.37%
|
| Spread: | Treasuries plus 287.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Nov. 10
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A
|
| Fitch: A
|
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