By Andrea Heisinger
New York, Aug. 14 - Liberty Mutual Group Inc. priced $500 million in a double reopening of notes (Baa2/BBB-/) on Tuesday via Rule 144A and Regulation S, an informed source said.
A 4.95% note due in May of 2022 was reopened to add $250 million, pricing at 102.464 to yield 4.631%, or Treasuries plus 290 basis points. There is a make-whole call at 45 bps over Treasuries.
Total issuance for the note is $750 million, including $500 million priced at 305 bps over Treasuries on May 1.
There was also a reopening of 6.5% bonds due in May of 2042 to add $250 million. These bonds were priced at 106.031 to yield 6.059% with a spread of Treasuries plus 325 bps. There is a make-whole call at Treasuries plus 50 bps.
Total issuance is $750 million, including $500 million priced at 337.5 bps over Treasuries on May 1.
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.
|
| Issue: | Notes, reopened
|
| Amount: | $500 million
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | Aug. 14
|
| Settlement date: | Aug. 17
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
|
|
| 10-year notes
|
| Amount: | $250 million
|
| Maturity: | May 1, 2022
|
| Coupon: | 4.95%
|
| Price: | 102.464
|
| Yield: | 4.631%
|
| Spread: | Treasuries plus 290 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Total issuance: | $750 million, including $500 million priced on May 1
|
|
|
| 30-year bonds
|
| Amount: | $250 million
|
| Maturity: | May 1, 2042
|
| Coupon: | 6.5%
|
| Price: | 106.031
|
| Yield: | 6.059%
|
| Spread: | Treasuries plus 325 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Total issuance: | $750 million, including $500 million sold on May 1
|
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