By Devika Patel and Cristal Cody
Knoxville, Tenn., Aug. 12 – Liberty Mutual Group Inc. priced $500 million of 4.125% non-call five-year junior subordinated notes due Dec. 15, 2051 with a spread of Treasuries plus 331.5 basis points on Wednesday, according to a market source.
Initial price talk was in the 4.375% area.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the bookrunners.
Liberty Mutual is a Boston-based property and casualty insurance company.
| Issuer: | Liberty Mutual Group Inc.
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| Description: | Junior subordinated notes
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| Amount: | $500 million
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| Maturity: | Dec. 15, 2051
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| Bookrunners: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
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| Coupon: | 4.125%
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| Spread: | Treasuries plus 331.5 bps
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| Call: | Callable after five years at par
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| Trade date: | Aug. 11
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| Guidance: | 4.375% area
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