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CNA Financial prices notes offering

CNA Financial Corp. priced $500 million aggregate principal amount of 3.450% senior notes due Aug. 15, 2027, in a public offering.

The notes are being offered at 99.773% of the principal amount with a yield to maturity of 3.477%. The offering is expected to close Aug. 10.

The company expects from the offering net proceeds of approximately $495 million, after deducting the underwriting discount and estimated offering expenses. The company plans to use all of the net proceeds to repay at maturity the $150 million outstanding aggregate principal balance of its 6.950% senior notes due Jan. 15, 2018, and to repurchase, redeem, repay or retire the $350 million outstanding aggregate principal balance of its 7.350% senior notes due Nov. 15, 2019. Pending such uses, the net proceeds may be invested in short-term, interest-bearing securities.

Barclays and Wells Fargo Securities are acting as joint book-running managers for the offering.