WR Berkley Prices Baby Bonds

UpdateCorrected CUSIP

Insurer WR Berkley (WRB) has priced the previously announced $25/share subordinated notes.

The issue prices at 4.125%–about where expected for an issue that is investment grade.

The issue will trade in a week or so under ticker WRB-H–there will be no OTC grey market trading so if you want some shares prior to exchange trading you will need to call your brokerage bond desk with the CUSIP number shown below.

The company will use the proceeds of this offering to call the 5.90% subordinated notes (WRB-C)

Special note–the company can defer interest on 1 or more occasions for up to 5 years without creating an even of default.

The pricing term sheet can be read here.

3 thoughts on “WR Berkley Prices Baby Bonds”

  1. I keep seeing these low new issues in the 4’s. You might be holding these issues for a long-long time and under par with rates moving up due to improved Covid numbers. If you don’t need the income, I would hold which is what I am doing. Corporate America is telegraphing what they are thinking with all these recent issues. Who knows-just one persons thoughts.

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