W. R. Berkley Corp. has filed a preliminary prospectus supplement related to the sale of an undisclosed amount of subordinated debentures due 2059.
Interest on the debentures will be paid March 30, June 30, Sept. 30 and Dec. 30 of each year, starting March 30, 2020.
The company plans to apply to list the debentures on the New York Stock Exchange under the symbol WRB PR F. If approved for listing, the company expects the debentures to start trading within 30 days after they are first issued.
W.R. Berkley plans to use the net proceeds from the offering for working capital, capital expenditures, acquisitions, stock repurchases and other general corporate purposes.
Morgan Stanley, BofA Securities, UBS Investment Bank and Wells Fargo Securities will act as joint book-running managers for the offering.