Assurant Inc. priced a public offering of $350.0 million of its 3.700% senior notes due 2030.
The offering is expected to close Aug. 22.
Net proceeds will be about $346.7 million, after deducting the underwriting discounts and the estimated offering expenses. The company will use these proceeds to fund the purchase of up to $100 million of $375.0 million outstanding aggregate principal amount of its 6.750% notes due 2034 under the recently launched tender offer; redeem all or a portion of the $300.0 million outstanding aggregate principal amount of its floating rate senior notes due 2021; and pay related premiums, fees and expenses. Remaining proceeds will be used for general corporate purposes.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC are serving as joint book-running managers for the offering.