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Progressive prices offerings of senior notes, preferred shares

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Progressive prices offerings of senior notes, preferred shares

Progressive Corp. has priced its public offerings of senior notes and preferred shares.

The $600 million of 4.20% senior notes due 2048 were priced at 99.173% of par, while the 500,000 series B fixed-to-floating rate cumulative perpetual serial preferred shares were priced at their liquidation preference of $1,000 apiece for an aggregate public offering amount of $500 million.

The preferred shares will accrue dividends at a fixed rate of 5.375%, payable semi-annually up to, but excluding, March 15, 2023. After that, the preferred shares will accrue dividends at a floating rate equivalent to three-month U.S. dollar London Interbank Offered Rate plus 2.539%, payable quarterly.

The preferred shares are redeemable before March 15, 2023, in whole, but not in part, at $1,020 per preferred share. On or after March 15, 2023, the preferred shares may be wholly or partly redeemed, from time to time, at $1,000 apiece.

Progressive intends to use the proceeds of the offerings for general corporate purposes.

The notes and preferred shares offerings are expected to close March 14.

Credit Suisse and Goldman Sachs & Co. LLC are serving as joint book-running managers for the offerings.