Insurance company Kemper Corporation (KMPR) has announced they will be issuing a new fixed rate reset Junior Subordinated Debenture with a maturity in 2062.
The issue will carry a fixed rate for the 1st 5 years and then will reset every 5 years at the 5 year treasury rate plus a ‘spread’ (yet unknown).
It is anticipated that the issue will trade with the permanent ticker of KMPB–there will be no OTC trading.
The company currently has no exchange baby bonds or perpetual preferred outstanding.
EarlyBird was on top of this and posits a 5.875% to 6.0% coupon.