Insurer WR Berkley (WRB) has priced their new issuance of baby bonds.
The coupon is set at 4.25%. The bonds are investment grade.
The bond will mature in 2060 and will have an optional redemption starting in 2025. The company may defer interest payments for up to 5 years (multiple times) without being in default.
Proceeds from this issue will be used to call the balance of the WRB-B 5.625% baby bonds.