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Liberty Mutual Group discloses $108.7M in debt repurchases

Liberty Mutual Group Inc. disclosed the repurchase of approximately $108.7 million in 10.75% series C junior subordinated notes due 2088.

Over an 11-week period beginning Sept. 30, Liberty Mutual repurchased about $108.7 million in principal of the notes through Dec. 19. Consequently, approximately $67.8 million in principal of the series C notes remained outstanding as of Dec. 19.

As a result of the repurchases, Liberty Mutual disclosed that a redesignation date has occurred under a certain replacement capital covenant dated March 7, 2007. For purposes of the covenant as of such redesignation date, the series A notes are now the covered debt for series B notes as defined in the covenant and the series B notes are now the covered debt for the series A notes.