Assurant Announces Pricing of Public Offering of Senior Notes and Fixed-to-Floating Rate Subordinated Notes
March 22 2018 - 9:20PM
Business Wire
Assurant, Inc. (NYSE:AIZ), a global provider of risk management
solutions, today announced the pricing of a public offering of
$300,000,000 aggregate principal amount of its Floating Rate Senior
Notes due 2021 (the “2021 Senior Notes”), $300,000,000 aggregate
principal amount of its 4.200% Senior Notes due 2023 (the “2023
Senior Notes”), $300,000,000 aggregate principal amount of its
4.900% Senior Notes due 2028 (the “2028 Senior Notes”) and
$400,000,000 aggregate principal amount of its 7.000%
Fixed-to-Floating Rate Subordinated Notes due 2048 (the
“Fixed-to-Floating Rate Subordinated Notes” and, together with the
2021 Senior Notes, 2023 Senior Notes and the 2028 Senior Notes, the
“Notes”). The offering is expected to close on March 27, 2018,
subject to customary closing conditions.
The net proceeds from the sale of the Notes will be
approximately $1.3 billion, after deducting the underwriting
discounts and the estimated offering expenses payable by the
company. 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 Limited, 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 Limited, although the 2021 Senior
Notes, 2023 Senior Notes and the Fixed-to-Floating Rate
Subordinated Notes are subject to a special mandatory redemption,
in whole but not in part, 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.
An effective shelf registration statement, under which the Notes
will be issued, was filed previously with the U.S. Securities and
Exchange Commission. The offering and sale of the Notes is being
made only by means of a prospectus and an accompanying prospectus
supplement related to the offering. You can get copies of these
documents for free by visiting EDGAR at the SEC website at
www.sec.gov. Alternatively, copies of the prospectus and prospectus
supplement, when available, may be obtained by contacting Morgan
Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, NY 10014; J.P. Morgan Securities LLC,
383 Madison Avenue, New York, NY 10179, Attention: Investment Grade
Syndicate Desk, or by calling at (212) 834-4533; and Wells Fargo
Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN
55402, Attention: WFS Customer Service, or by emailing
wfscustomerservice@wellsfargo.com or by calling at (800)
645-3751.
This press release is neither an offer to sell nor a
solicitation of an offer to buy the Notes, nor does it constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful.
About Assurant
Assurant, Inc. (NYSE: AIZ) is a global provider of risk
management solutions, protecting where consumers live and the goods
they buy. Assurant focuses on the housing and lifestyle markets,
and is among the market leaders in mobile device protection and
related services; extended service contracts; vehicle protection;
pre-funded funeral insurance; renters insurance; lender-placed
homeowners insurance; and mortgage valuation and field services.
Assurant operates in 16 countries, while its Assurant Foundation
works to support and improve communities.
Cautionary Statement
Some of the statements included in this press release may
constitute forward-looking statements within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on management’s best
estimates, assumptions and projections and are subject to
significant uncertainties, including the closing of this offering.
Actual results may differ materially from those projected in the
forward-looking statements. The company undertakes no obligation to
update any forward-looking statements in this press release as a
result of new information or future events or developments. For a
detailed discussion of the general risk factors that could affect
the company’s results, please refer to the risk factors identified
in the company’s annual and periodic reports filed with the
Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20180322006389/en/
Assurant, Inc.Media:Linda Recupero, 212.859.7005Senior
Vice President, Enterprise
Communicationlinda.recupero@assurant.comorInvestor
Relations:Suzanne Shepherd, 212.859.7062Vice President,
Investor Relationssuzanne.shepherd@assurant.comorSean Moshier,
212.859.5831Manager, Investor
Relationssean.moshier@assurant.com
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