Large insurance company Assurant Inc (AIZ) has announced they will be selling some $25/share subordinated notes.
The $44 billion asset company will sell notes with the typical terms–including the ability to defer interest payments for up to 5 years on one or more occasions. The interest deferment is a relatively typical provision in insurance company issues.
The issue will mature in 2061 and have an optional redemption starting in 2026.
I believe this issue will be rated Ba1 (a notch below investment grade) by Moody’s, although I don’t see a specific rating as of this minute.
mcg was right on this one.