Assurant Inc. revealed the pricing terms of its previously announced cash tender offer to purchase up to $100 million of its 6.750% senior notes due 2034.
The notes have a total consideration of $1,295.58 and a reference yield of 1.982%.
As the principal amount of outstanding notes validly tendered and not validly withdrawn before 5:00 p.m. on Aug. 28 surpassed the tender cap, the company will accept the notes for purchase on a pro rata basis based on a proration factor of 83.42%.
The offer started Aug. 15 and will expire at 11:59 p.m. ET on Sept. 12. The notes are expected to settle Aug. 30.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC were retained as dealer managers. D.F. King & Co. Inc. is the tender and information agent.
