Liberty Mutual’s $500 Million Junior Subordinated Notes Offering

Cleary Gottlieb Steen & Hamilton represented Liberty Mutual Group in the offering.

Liberty Mutual Group Inc. (Liberty Mutual) executed an offering of $500 million of its 4.125% investment-grade U.S. dollar-denominated Series F Junior Subordinated Notes due 2051. The offering priced on August 11, 2021 and settled on August 16, 2021. The notes were offered in the United States under Rule 144A and outside the United States under Regulation S.

Interest on the notes may be deferred in whole or in part by Liberty Mutual for up to five consecutive years, during which period interest continues to accrue at the interest rate of the notes, compounded semi-annually. The notes are redeemable at Liberty Mutual’s option at any time upon the occurrence of certain changes in tax, regulatory or rating agency treatment of the notes.

Liberty Mutual, together with its affiliates, is one of the largest property and casualty insurers in the United States, and a diversified global insurer that offers a wide range of insurance products and services.

The Cleary corporate team included partner David Lopez (Picture), senior attorney Elizabeth Chang, and associates Stephen Janda and Taewan Roh. Partner Jason Factor and associates Karl Heiland and Victoria Ju provided tax advice.

Involved fees earner: Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Karl Heiland – Cleary Gottlieb Steen & Hamilton; Stephen Janda – Cleary Gottlieb Steen & Hamilton; Victoria Ju – Cleary Gottlieb Steen & Hamilton; David Lopez – Cleary Gottlieb Steen & Hamilton; Taewan Roh – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Liberty Mutual Group, Inc.;

Author: Martina Bellini