Liberty Mutual finishes marketing 80-year subordinated notes, expected to price this week

By Andrea Heisinger

Omaha, May 20 - Liberty Mutual Group Inc. is expected to price an issue of 80-year hybrid junior subordinated notes via Rule 144A and Regulation S this week, with marketing finishing Tuesday, market sources said.

The split-rated notes (Baa3/BB+/BBB-) will have a fixed-rate coupon until 2038 and then a floating rate. They have a scheduled maturity of 2058, with final maturity in 2088.

The notes will be non-callable for 30 years.

Bookrunners are Banc of America Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.

The insurance company is based in Boston.

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