Liberty Mutual buys back $108.68 million of 10.75% notes due 2088

By Marisa Wong

Morgantown, W.Va., Dec. 19 – Liberty Mutual Group Inc. said it repurchased a total of $108,681,000 of its 10.75% series C junior subordinated notes due 2088 from Sept. 30 through Dec. 19.

As of Monday, $67,766,000 principal amount of the series C notes remains outstanding, according to a press release.

The company added that as a result of these repurchases, a redesignation date has occurred under a replacement capital covenant dated March 7, 2007 for the benefit of the holders of Liberty Mutual’s series A junior subordinated notes and series B junior subordinated notes. The series A notes are now the covered debt for the series B notes, and the series B notes are now the covered debt for the series A notes.

Liberty Mutual is a Boston-based property and casualty insurance company.

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