By Andrea Heisinger
New York, June 13 - Liberty Mutual Group Inc. priced an upsized $600 million of 4.25% 10-year senior notes (Baa2/BBB-/) in Thursday's session to yield Treasuries plus 215 basis points, a market source said.
The size was increased from $350 million, the source said.
Pricing was at 99.365 to yield 4.329%. There is a make-whole call at Treasuries plus 35 bps.
The sale was done under Rule 144A and Regulation S.
Active bookrunners were BofA Merrill Lynch and Wells Fargo Securities LLC. Passive bookrunners were Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The company was last in the U.S. bond market with a $500 million reopening of two sets of notes on Aug. 14, 2012.
Liberty Mutual is a Boston-based property and casualty insurance company.
| Issuer: | Liberty Mutual Group Inc.
|
| Issue: | Senior notes
|
| Amount: | $600 million, upsized from $350 million
|
| Maturity: | June 15, 2023
|
| Bookrunners: | BofA Merrill Lynch, Wells Fargo Securities LLC (active), Citigroup Global Markets Inc., J.P. Morgan Securities LLC (passive)
|
| Coupon: | 4.25%
|
| Price: | 99.365
|
| Yield: | 4.329%
|
| Spread: | Treasuries plus 215 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | June 13
|
| Settlement date: | June 18
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
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