New Issue: Travelers prices $500 million of 2.55% 30-year notes at Treasuries 140 bps spread

By Cristal Cody

Tupelo, Miss., April 23 – Travelers Cos., Inc. priced $500 million of 2.55% 30-year senior notes (A2/A/A) at 99.231 to yield 2.587%, or a spread of Treasuries plus 140 basis points, on Thursday, according to a market source an FWP filing with the Securities and Exchange Commission.

Initial guidance was in the Treasuries plus 180 bps area.

Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used to retire the company’s $500 million of 3.9% senior notes due Nov. 1, 2020.

Travelers is a New York-based holding company for auto, home and business property casualty insurance companies.

Issuer:	Travelers Cos., Inc.
Amount:	$500 million
Description:	Senior notes
Maturity:	April 27, 2050
Bookrunners:	Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
Co-managers:	Barclays, BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Siebert Williams Shank & Co., LLC, TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
Coupon:	2.55%
Price:	99.231
Yield:	2.587%
Spread:	Treasuries plus 140 bps
Call features:	Make-whole call before Oct. 27, 2049 at Treasuries plus 25 bps; thereafter at par
Trade date:	April 23
Settlement date:	April 27
Ratings:	Moody’s: A2
	S&P: A
	Fitch: A
Distribution:	SEC registered
Price guidance:	Treasuries plus 180 bps area

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.