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Liberty Mutual to settle early tenders for 2037 notes on June 4
By Marisa Wong
Morgantown, W.Va., May 30 – Liberty Mutual Group Inc. said it has decided to accept for purchase and settle all series A junior subordinated notes due March 15, 2037 tendered by the early tender time of its previously announced tender offer on June 4.
As previously reported, holders had tendered $196,293,000 of Liberty Mutual’s $700 million series A notes due 2037 as of 5 p.m. ET on May 22, the early tender time of its 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.
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Tenders may no longer be withdrawn.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 May 23 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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