Insurer WR Berkley (WRB) has announced a new issuance of baby bonds.
The company which had sold a 4% $1,000 senior note issue around 9/1/2020 with proceeds going to a partial redemption of baby bond 5.625% (WRB-B) will be using some of the proceeds of the new baby bond to call the remainder of the WRB-B issue.
The new issue will be investment grade so look for a coupon in the mid 4’s.
The preliminary prospectus can be seen here.
j was on top of this new issue.