W. R. Berkley Corporation Completes $170 Million Notes Offering

September 10, 2020

Willkie represented global insurance holding company W. R. Berkley Corporation in its $170 million offering of 4.00% Senior Notes Due 2050.

On September 1, longtime Willkie client W. R. Berkley Corporation announced that it priced an offering of an additional $170 million aggregate principal amount of 4.00% Senior Notes due 2050. The offering closed on September 9. The Notes constitute a further issuance of the company’s 4.00% Senior Notes due 2050, of which $300 million aggregate principal amount was issued on May 12, 2020. The Notes were priced at a public offering price of 117.217% of the principal amount (plus accrued interest from May 12, 2020), for a yield to maturity of 3.099%.

The net proceeds of the offering will be used for the partial redemption of the company’s $350 million aggregate principal amount of 5.625% Subordinated Debentures due 2053. Morgan Stanley and Credit Suisse are joint book-running managers of the offering.

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess.

The transaction was handled by partner Jeffrey Hochman and associates Tej Prakash and Casey Kelly.