- Assurant (NYSE:AIZ) reports the pricing terms of its previously announced cash tender offer for up to $100M of 6.750% senior notes due 2034.
- Total consideration, including early tender premium of $50, comes to $1,295.58 per $1,000 principal amount.
- Fixed spread of 205 bps on reference 2.875% UST due May 15, 2049; reference yield 1.982%.
- Because the principal amount of notes validly tendered at or before the early tender deadline of Aug. 28, 2019 exceeded the tender cap, Assurant will accept notes for purchase on a pro rata basis based on 83.42% proration factor.
- Assurant won't accept any notes tendered after the early tender deadline.