trending Market Intelligence /marketintelligence/en/news-insights/trending/UarmLWxe3X2EAwwZUSGJQg2 content esgSubNav
In This List

Liberty Mutual Group offering to exchange up to $1B of senior notes

Video

S&P Capital IQ Pro | Powering Your Edge

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

Blog

Beyond ESG with Climate Stress Testing: Getting Practical at Banks & Insurers


Liberty Mutual Group offering to exchange up to $1B of senior notes

Liberty Mutual Group Inc. is offering to swap three series of outstanding notes maturing in the next four years for new notes due in 2029.

In order of acceptance priority, the offer applies to senior notes maturing in 2021 and carrying a 5% coupon, with a principal amount outstanding of $600 million; senior notes maturing in 2022 with a 4.95% coupon and $750 million of principal amount outstanding; and senior notes maturing in 2023, with a 4.25% coupon and a $1 billion principal amount outstanding.

The new notes will mature in 2029 and bear interest at a rate equal to the bid-side yield on the 3.125% U.S. Treasury security due Nov. 15, 2028, plus 185 basis points. The issuance of new notes is initially limited to $500 million, although Liberty Mutual said it intends to increase the limit to a maximum of $1 billion.

All three exchange offers expire at 11:59 p.m. ET on Feb. 6, with an early participation premium paid for notes tendered by 5 p.m. Jan. 23, subject to extension.