W.R. Berkley to redeem 6.75% TOPrS, prepay 6.75% debentures due 2045

By Toni Weeks

San Luis Obispo, Calif., April 26 - W.R. Berkley Corp. has issued a call to redeem all of its 6.75% Trust Originated Preferred Securities issued by W.R. Berkley Capital Trust II, according to a press release.

The securities will be redeemed at $25 per $25 liquidation amount plus accrued interest on May 26.

Bank of New York Mellon will act as the paying agent.

In connection with the redemption, the company will prepay all of its outstanding $250 million of 6.75% subordinated debentures due 2045 at par plus accrued interest on May 26. The securities, which are held by W.R Berkley Trust, will be prepaid with the proceeds of the company's recent $350 million offering of 5.625% subordinated debentures due 2053. The proceeds of the prepayment will then be used by W.R. Berkley Trust to redeem its capital securities.

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

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