Kemper offers $25-par fixed-rate reset junior subordinated debentures due 2062

By Marisa Wong

Los Angeles, March 3 – Kemper Corp. plans to price an offering of $25-par fixed-rate reset junior subordinated debentures due 2062, according to a 424B5 filing with the Securities and Exchange Commission.

The interest rate will reset in 2027 and every five years after that.

The debentures are redeemable in whole or in part beginning on the first reset date. The debentures are also callable within 90 days of a tax event, regulatory capital event or rating agency event.

Wells Fargo Securities, LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC are the joint bookrunners.

Legal counsel for the issuer is provided by in-house counsel and also by Skadden, Arps, Slate, Meagher & Flom LLP. Counsel for the underwriters is provided by Davis Polk & Wardwell LLP.

Kemper plans to use the proceeds for general corporate purposes, which may include ordinary course working capital and investments in other business opportunities, including acquisitions.

The company intends to list the debentures on the New York Stock Exchange under the symbol “KMPB.”

Kemper is an insurance holding company based in Chicago.

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