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Liberty Mutual gets early tenders for $196.29 million of 2037 notes
By Marisa Wong
Morgantown, W.Va., May 23 – Liberty Mutual Group Inc. said holders had tendered $196,293,000 of its $700 million series A junior subordinated notes due March 15, 2037 as of 5 p.m. ET on May 22, the early tender time of its previously announced cash tender offer to purchase any and all of the outstanding notes.
The offer will expire at 11:59 p.m. ET on June 6.
As announced on May 9, holders tendering their notes at or prior to the early tender time will be eligible to receive an early tender payment as part of their tender offer consideration. The full tender consideration is $1,240 per $1,000 principal amount and includes an early tender payment of $50.
Holders tendering after the early tender time will receive the late tender offer consideration of $1,190 per $1,000 principal amount.
In addition, holders will receive accrued interest to but excluding the applicable settlement date.
Liberty Mutual said it may, but is not obligated to, elect to have an early settlement for notes tendered by the early tender time. Early settlement would be on June 4.
The final settlement date is expected to be June 7.
Tenders may no longer be withdrawn.
The tender offer is subject to a financing condition. On Thursday the company said it expects to issue €500 million of series D junior subordinated notes due 2059, proceeds of which will be used in part to fund the tender offer.
Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) and J.P. Morgan Securities LLC (866 834-4666 or 212 834-8553) are lead dealer managers for the offer, with HSBC Securities (USA) Inc. as co-dealer manager.
Global Bondholder Services Corp. (866 470-3800, 212 430-3774 or contact@gbsc-usa.com) is tender agent and information agent.
Liberty Mutual is a Boston-based property and casualty insurance company.
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