Assurant, Inc. Announces Closing of $700 Million Senior Notes
NEW YORK--(BUSINESS WIRE)-- Assurant, Inc., a provider of specialty insurance and insurance-related products and services, announced the closing of its previously announced public offering of $350 million in aggregate principal amount of its 2.50% senior notes due 2018 and $350 million in aggregate principal amount of its 4.00% senior notes due 2023 (together, the "Senior Notes").
Assurant estimates that the net proceeds from the sale of the Senior Notes will be approximately $693 million, after deducting the underwriting discounts and the estimated offering expenses payable by the company. Assurant intends to use the net proceeds of the Senior Notes offering for general corporate purposes, including to repay $500 million of debt due in 2014.
The offering of the Senior Notes was registered under the Securities Act of 1933, as amended. BofA Merrill Lynch and J.P. Morgan Securities LLC acted as joint book-running managers for the offering.
This news release is neither an offer to sell nor a solicitation of an offer to buy Senior Notes, nor does it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Assurant is a provider of specialized insurance products and related services in North America and select worldwide markets. The company conducts its business through four operating segments—Assurant Solutions, Assurant Specialty Property, Assurant Health and Assurant Employee Benefits—and provides debt protection administration; credit-related insurance; warranties and service contracts; pre-funded funeral insurance; solar project insurance; lender-placed homeowners insurance; renters insurance and related products; manufactured housing homeowners insurance; individual health and small employer group health insurance; group dental insurance; group disability insurance; and group life insurance. Assurant is headquartered in New York's financial district.
Vera Carley, 212-859-7002
Director, Media Relations and Financial Communications
Francesca Luthi, 212-859-7197
Senior Vice President, Investor Relations
Suzanne Shepherd, 212-859-7062
Director, Investor Relations
KEYWORDS: United States North America New York
The article Assurant, Inc. Announces Closing of $700 Million Senior Notes originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.