Liberty Mutual extends early tender deadline for 10.75% notes; 7.5% notes consent bid unchanged

By Jennifer Chiou

New York, Jan. 25 - Liberty Mutual Group Inc. announced the extension of the cash tender offer for its $1.25 billion of 10.75% series C junior subordinated notes due June 15, 2088.

The consent solicitation for the 7.5% senior notes due 2036 to terminate the replacement capital covenants remains unmodified.

The new early tender deadline is midnight ET on Jan. 28, coinciding with the offer deadline. The early deadline previously fell on Jan. 24.

As of the prior early deadline, the company recorded tenders for $211,915,000 of the series C notes.

The consent deadline is still 5 p.m. ET on Jan. 26.

For each $1,000 principal amount, Liberty said it will pay $1,272.50 for tendered 10.75% notes, including a $50.00 early payment for all who tender. It will pay a consent fee of $5.00 per $1,000 of notes in the solicitation.

The company is seeking consents from holders of a majority of the 7.5% notes.

Holders will also receive accrued interest for tendered notes.

Bank of America Merrill Lynch (888 292-0070 or call collect 980 388-8217) and J.P. Morgan Securities LLC (866 834-4666 or call collect 212 834-4811) are the dealer managers and solicitation agents.

Global Bondholder Services Corp. (866 795-2200) 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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