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Progressive prices $550M senior note offering


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Progressive prices $550M senior note offering

Progressive Corp. has priced an underwritten public offering of $550 million of its 4.00% senior unsecured fixed-rate notes due March 1, 2029.

The notes were priced at 99.828% of principal amount. The trade date is Oct. 18, and the settlement date is Oct. 23.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as joint book runners for the offering. The co-managers are Credit Suisse Securities (USA) LLC, Merrill Lynch Pierce Fenner & Smith Inc. and Morgan Stanley & Co. LLC.