W. R. Berkley Corporation Announces Pricing of $300 Million Subordinated Debt Offering

February 4, 2021

Willkie represented global insurance holding company W. R. Berkley Corporation in its offering of 4.125% Subordinated Debentures Due 2061.

On February 3, longtime Willkie client W. R. Berkley Corporation (NYSE: WRB) announced that it priced an offering of $300 million aggregate principal amount of 4.125% Subordinated Debentures due 2061. The offering is expected to close on February 10, 2021, subject to customary closing conditions. The company intends to apply to list the debentures on the New York Stock Exchange under the symbol “WRB PR H.”

The net proceeds of the offering will be used to redeem the $110 million aggregate principal amount of the company’s 5.900% Subordinated Debentures due 2056, with the remaining balance for general corporate purposes, including the potential repayment of indebtedness.

Morgan Stanley, BofA Securities, UBS Investment Bank and Wells Fargo Securities 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 led by partner Jeffrey Hochman and associates Amanda Burke and Ian Morganelli.