Assurant Inc. priced its cash tender offer for up to $100 million of its 6.750% senior notes due 2034.
The offer will expire at 11:59 p.m. ET on Jan. 9, 2017.
Noteholders who tender their securities at or before 5 p.m. ET on Dec. 22 will be eligible to receive a total consideration of $1,218.74 per $1,000 principal amount of notes tendered, which includes an early tender premium of $30.00 per $1,000 of tendered notes. Noteholders who tender their securities after the early tender deadline but at or prior to the expiration date will be eligible to receive the tender consideration per $1,000 of tendered notes without the early tender premium.
Further, noteholders will also receive accrued and unpaid interest on the notes from the last interest payment date up to, but not including, the date the company makes payment for the notes. Assurant expects to make payment Dec. 23 for those notes tendered before the early tender deadline.
Wells Fargo Securities LLC is acting as the dealer manager for the offer, while Global Bondholder Services Corp. serves as information agent and tender agent.