By James McCandless
San Antonio, Dec. 9 – W.R. Berkley Corp. priced a $300 million offering of $25-par subordinated debentures (Baa2/BBB-) due Dec. 30, 2059 at par with a coupon of 5.1%, according to an FWP filing with the Securities and Exchange Commission.
There is no greenshoe.
Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
Interest is payable on March 30, June 30, Sept. 30 and Dec. 30 of each year, commencing March 30, 2020.
The debentures are redeemable on or after Dec. 30, 2024 at par. Prior to that, the debentures are redeemable within 90 days after a tax event at par or within 90 days after a rating agency event at 102.
W.R. Berkley plans to use the proceeds for general corporate purposes.
The company plans to list the debentures on the New York Stock Exchange under the symbol “WRBPrF.”
W.R. Berkley is a Greenwich, Conn.-based insurance holding company.
| Issuer: | W.R. Berkley Corp.
|
| Description: | Subordinated debentures
|
| Amount: | $300 million
|
| Maturity: | Dec. 30, 2059
|
| Bookrunners: | Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC and Wells Fargo Securities, LLC
|
| Coupon: | 5.1%
|
| Price: | Par of $25.00
|
| Yield: | 5.1%
|
| Call: | On or after Dec. 30, 2024 at par; prior to that, within 90 days after a tax event at par or within 90 days after a rating agency event at 102
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 16
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Distribution: | SEC registered
|
| Listing: | NYSE: WRBPrF
|
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