By Aleesia Forni
Virginia Beach, Oct. 29 – Liberty Mutual Group Inc. priced an upsized $300 million tap of its existing 4.85% senior notes (Baa2/BBB/) due July 24, 2044 at Treasuries plus 180 basis points, a market source said.
The original $750 million issue sold at Treasuries plus 160 bps on July 21.
The bookrunners were BofA Merrill Lynch and Citigroup Global Markets Inc.
Proceeds will be used for general corporate purposes, which may include capital contributions to one or more of the company’s insurance subsidiaries to fund further business growth.
Liberty Mutual is a Boston-based property and casualty insurance company.
| Issuer: | Liberty Mutual Group Inc.
|
| Amount: | $300 million, upsized from $250 million
|
| Description: | Senior notes add-on
|
| Maturity: | July 24, 2044
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc.
|
| Coupon: | 4.85%
|
| Spread: | Treasuries plus 180 bps
|
| Trade date: | Oct. 28
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor's: BBB
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | Treasuries plus 200 bps area
|
| Total issue size: | $1.05 billion, including $750 million priced on July 21
|
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