By Sheri Kasprzak
New York, Sept. 13 - W.R. Berkley Corp. priced $300 million 5.375% 10-year senior notes to yield 265 basis points over Treasuries, according to a prospectus supplement filed with the Securities and Exchange Commission.
The notes (Baa2/BBB+/BBB+) were priced at 99.71 to yield 5.413%.
There is a make-whole call at 50 bps over Treasuries.
Bank of America Merrill Lynch was the active bookrunner. Passive bookrunners were J.P. Morgan Securities Inc. and Wells Fargo Securities LLC.
Morgan Stanley & Co. Inc. was the co-manager.
Proceeds will be used for general corporate purposes, including the repurchase of stock.
Based in Greenwich, Conn., W.R. Berkley is an insurance holding company.
| Issuer: | W.R. Berkley Corp.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Sept. 15, 2020
|
| Bookrunners: | Bank of America Merrill Lynch (active); J.P. Morgan Securities Inc., Wells Fargo Securities LLC (passive)
|
| Co-manager: | Morgan Stanley & Co. Inc.
|
| Coupon: | 5.375%
|
| Price: | 99.71
|
| Yield: | 5.413%
|
| Spread: | 265 bps over Treasuries
|
| Call: | Make-whole at 50 bps over Treasuries
|
| Pricing date: | Sept. 13
|
| Settlement date: | Sept. 16
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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