Published on 11/6/2012 in the Prospect News Investment Grade Daily.
New Issue: OneBeacon U.S. Holdings prices $275 million 4.6% 10-year notes at 287.5 bps spread
By Andrea Heisinger
New York, Nov. 6 - OneBeacon U.S. Holdings, Inc. priced $275 million of 4.6% 10-year senior notes on Tuesday to yield Treasuries plus 287.5 basis points, according to a filing with the Securities and Exchange Commission.
The notes (Baa2/BBB-/) were sold at 99.881 to yield 4.615%. There is a make-whole call at Treasuries plus 45 bps.
The notes are guaranteed by OneBeacon Insurance Group Ltd.
Bookrunners were Barclays, Bank of America Merrill Lynch and HSBC Securities (USA) Inc.
Proceeds will be used, along with cash on hand, to redeem $269.9 million of 5.875% notes due 2013.
The property and casualty insurance holding company is based in Bermuda.
Issuer: | OneBeacon U.S. Holdings, Inc.
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Guarantor: | OneBeacon Insurance Group Ltd.
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Issue: | Senior notes
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Amount: | $275 million
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Maturity: | Nov. 9, 2022
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Bookrunners: | Barclays, Bank of America Merrill Lynch, HSBC Securities (USA) Inc.
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Co-managers: | U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Commerzbank Capital Markets Corp., Lloyds Securities Inc., RBS Securities Inc.
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Coupon: | 4.6%
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Price: | 99.881
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Yield: | 4.615%
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Spread: | Treasuries plus 287.5 bps
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Call: | Make-whole at Treasuries plus 45 bps
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Trade date: | Nov. 6
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Settlement date: | Nov. 9
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Ratings: | Moody's: Baa2
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| Standard & Poor's: BBB-
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