W.R. Berkley to sell add-on to 4% notes due 2050 via two bookrunners

By Devika Patel

Knoxville, Tenn., Sept. 1 – W.R. Berkley Corp. intends to price an add-on to its 4% senior notes due May 12, 2050 (Baa1/BBB+/A-), according to a 424B5 filing with the Securities and Exchange Commission.

The company sold $300 million of the 4% notes at 99.515 to yield 4.028%, or 270 basis points over Treasuries, in an offering that priced on May 5 and settled on May 12.

The notes have a make-whole call at Treasuries plus 40 bps until Nov. 12, 2049 and then a par call.

Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC are the bookrunners.

Proceeds will be used to redeem the company’s $350 million of 5.625% subordinated debentures due 2053.

W.R. Berkley is a Greenwich, Conn.-based insurance holding company.

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