Assurant Inc. closed the public offering of $350.0 million of its 3.700% senior notes due 2030.
Net proceeds were about $346.7 million, after deducting the underwriting discounts and the estimated offering expenses. The company will use these proceeds, as well as cash on hand, to fund the purchase of up to $100 million of its 6.750% notes due 2034 under the tender offer launched Aug. 15; redeem all or a portion of its $300 million outstanding 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 served as joint book-running managers for the offering.
