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W. R. Berkley prices $175M debenture offering

W. R. Berkley Corp. has priced an offering of $175 million of 5.70% subordinated debentures due 2058.

The offering is expected to close March 26.

The company has granted the underwriters the option to purchase up to about $26.3 million of additional debentures to cover any overallotment.

The company plans to apply to list the debentures on the New York Stock Exchange under the symbol WRB PR E. If approved for listing, the company expects the debentures to start trading within 30 days after they are first issued.

W.R. Berkley plans to use the net proceeds from the offering for general corporate purposes.

Morgan Stanley, Bank of America Merrill Lynch, UBS Investment Bank and Wells Fargo Securities are acting joint book-running managers for the offering.