By Cristal Cody
Tupelo, Miss., April 28 – Liberty Mutual Group Inc. priced $500 million of 3.95% 40-year senior notes (Baa2/BBB/BBB-) in a Rule 144A and Regulation S offering on Tuesday at a spread of Treasuries plus 275 basis points, according to a market source.
Initial price guidance was in the Treasuries plus 312.5 bps area.
Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC were the active managers. Passive bookrunners were Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC.
Liberty Mutual is a Boston-based property and casualty insurance company.
| Issuer: | Liberty Mutual Group Inc.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | May 15, 2060
|
| Bookrunners: | Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC (active); Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC (passive)
|
| Coupon: | 3.95%
|
| Spread: | Treasuries plus 275 bps
|
| Trade date: | April 28
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 312.5 bps area
|
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