By Andrea Heisinger
New York, May 1 - Liberty Mutual Group, Inc. priced $1 billion of notes (Baa2/BBB-/) in two maturities on Tuesday, a market source said.
The $500 million of 4.95% 10-year notes priced at 99.689 to yield 4.99% with a spread of Treasuries plus 305 basis points. There's a make-whole call at 45 bps over Treasuries.
There was also a $500 million tranche of 6.5% 30-year bonds priced at 99.765 to yield 6.518% with a spread of 337.5 bps over Treasuries. The tranche has a make-whole call at Treasuries plus 50 bps.
Bank of America Merrill Lynch and J.P. Morgan Securities LLC were the bookrunners.
Liberty Mutual was last in the market with a $600 million trade of 5% 10-year paper priced at 210 bps over Treasuries.
The property and casualty insurance company is based in Boston.
| Issuer: | Liberty Mutual Group, Inc.
|
| Issue: | Notes
|
| Amount: | $1 billion
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC
|
| Trade date: | May 1
|
| Settlement date: | May 4
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | May 1, 2022
|
| Coupon: | 4.95%
|
| Price: | 99.689
|
| Yield: | 4.99%
|
| Spread: | Treasuries plus 305 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | May 1, 2042
|
| Coupon: | 6.5%
|
| Price: | 99.765
|
| Yield: | 6.518%
|
| Spread: | Treasuries plus 337.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
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