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Liberty Mutual ups payout, again extends consent deadline for Safeco, Ohio Casualty notes
By Jennifer Chiou
New York, Dec. 11 - Liberty Mutual Group Inc. said it raised the payout and once more extended the consent payment deadline and also extended the expiration date in its consent solicitation for the 4.875% senior notes due 2010 and the 7.25% senior notes due 2012 issued by Safeco Corp. as well as the 7.3% senior notes due 2014 issued by Ohio Casualty Corp.
Holders who deliver consents by the deadline will receive $10.00 per $1,000 principal amount of any of the notes series. Previously, the fee was to be $3.75 per $1,000 principal amount for the Safeco 4.875% notes, $5.00 per $1,000 principal amount for the Safeco 7.25% notes and $5.00 per $1,000 principal amount for the Ohio Casualty notes.
The consent deadline and expiration date for all notes is now 11:59 p.m. ET on Dec. 24. The consent date was extended from 5 p.m. ET on Dec. 11 for the 4.875% notes whose expiration date was to be 5 p.m. ET on Dec. 18. The deadline had been moved back from 5 p.m. ET on Dec. 10 before that.
The previous consent date for the Safeco 7.25% and the Ohio Casualty notes had previously been prolonged to 5 p.m. ET on Dec. 11 from 5 p.m. ET on Nov. 25.
At its previous announcement on Nov. 25, Liberty Mutual said it received the necessary consents to amend the 7.25% senior notes due 2012 issued by Safeco and the 7.3% senior notes due 2014 issued by Ohio Casualty Corp.
As of noon on Dec. 11, the company had received consents from holders of $88.036 million principal amount of the 4.875% Safeco notes, $126.58 million of the 7.25% Safeco notes and $163.86 million of the 7.3% Ohio Casualty notes.
Global Bondholder Services Corp. (866 540-1500) is the information agent.
Liberty Mutual is a subsidiary of Liberty Mutual Holding Co. Inc., a Boston-based property and casualty insurer.
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