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Assurant commences public offering of senior notes, fixed-to-floating notes

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Assurant commences public offering of senior notes, fixed-to-floating notes

Assurant Inc. commenced a public offering of its senior notes due 2023 and 2028, and fixed-to-floating subordinated notes due 2048.

The company intends to use the net proceeds from the offering together with proceeds from the issuance of 2,875,000 shares of its 6.50% series D mandatory convertible preferred stock, cash on hand and common stock consideration, to fund the company's previously announced acquisition of TWG Holdings Ltd., refinance its existing 2.50% senior notes due 2018 and pay related fees and expenses.

The offering is not contingent upon the consummation of the acquisition of TWG Holdings Ltd., although Assurant has the option of redeeming senior notes due 2023 and fixed-to-floating subordinated notes due 2048 under certain circumstances if the acquisition is not consummated. The 2028 senior notes are not subject to a special mandatory redemption and will remain outstanding even if the company does not consummate the acquisition.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are acting as joint book-running managers for the offering.

Assurant must redeem senior notes due 2023 and fixed-to-floating subordinated notes due 2048 under certain circumstances if the acquisition is not consummated.