W.R. Berkley’s 5.75% $25-par notes due 2056 begin trading on NYSE

By Stephanie N. Rotondo

Seattle, May 31 – W.R. Berkley Corp.’s $290 million offering of 5.75% $25-par subordinated debentures due June 1, 2056 began trading on the New York Stock Exchange on Tuesday.

The ticker symbol is “WRBPD.” The deal priced May 18.

Price talk was initially in the 6% area, a market source said. It was later revised to around 5.75%.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.

Interest will be payable quarterly on the first day of March, June, September and December, beginning Sept. 1. The company has the option to defer the interest payments for up to five consecutive years.

The notes become redeemable on or after June 1, 2021 at par plus accrued interest. The company can also call the notes, in whole, within 90 days of a tax event, also at par plus accrued interest.

Upon a rating agency event, the company can also redeem the issue in whole at a price equal to the greater of their principal amount or a make-whole amount plus accrued interest.

Proceeds will be used for general corporate purposes.

W.R. Berkley is a Greenwich, Conn.-based commercial lines property and casualty insurance holding company.

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