Insurer WR Berkley Corporation to Sell Baby Bonds

Insurer WR Berkley (WRB) is selling a new issue of Subordinated Notes that will have a maturity date in 2061.

The issue will be investment grade from both S&P and Moody’s.

The permanent ticker will be WRB-H when it begins trading in a week or so. There will not be OTC grey market trading.

WRB has many issues of subordinated note baby bonds outstanding and they can all be reviewed here. There are 2 issues that become callable this year–one in March and one in June. It is the intention of the company to call the WRB-C 5.90% notes with the proceeds of this new offering. No call harm will be inflicted on holders as the interest payment on 3/1 is 37 cents and it is now trading at $25.34.

The preliminary prospectus can be found here.

EarlyBird got the worm on this one.

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