New Issue: Travelers prices $500 million 4.05% 30-year senior notes at 95 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Feb. 28 – Travelers Cos., Inc. sold $500 million of 4.05% 30-year senior notes on Wednesday at 99.364 to yield 4.087%, according to an FWP filing with the Securities and Exchange Commission.

The notes (A2/A/A) priced with a spread of 95 basis points over Treasuries.

Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used to retire the company’s $500 million of 5.8% senior notes due May 15, 2018.

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:	March 7, 2048
Bookrunners:	Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC
Co-managers:	BB&T Capital Markets, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, MUFG and U.S. Bancorp Investments, Inc.
Coupon:	4.05%
Price:	99.364
Yield:	4.087%
Spread:	Treasuries plus 95 bps
Call features:	Make-whole call before Sept. 7, 2047 at Treasuries plus 15 bps; thereafter at par
Trade date:	Feb. 28
Settlement date:	March 7
Ratings:	Moody’s: A2
	S&P: A
	Fitch: A
Distribution:	SEC registered

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