W. R. Berkley Corporation’s $250 Million Hybrid Bond Offering

Willkie represented W. R. Berkley Corporation in the transaction.

W. R. Berkley Corporation priced an offering of $250 million aggregate principal amount of 4.25% Subordinated Debentures due 2060. The offering is expected to close on September 21, 2020, subject to customary closing conditions. The company intends to apply to list the Debentures on the New York Stock Exchange under the symbol “WRB PR G.”

The net proceeds of the offering will be used to redeem the remaining $150 million aggregate principal amount of 5.625% Subordinated Debentures due 2053, with the remaining balance for general corporate purposes.

Morgan Stanley, BofA Securities, UBS Investment Bank and Wells Fargo Securities are joint book-running managers of the offering.

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess.

Willkie represented W. R. Berkley Corporation with a team led by partner Jeffrey Hochman (Picture), counsel Catherine Harrington, and associates Amanda Burke and Andrew Kim.

Involved fees earner: Amanda Burke – Willkie Farr & Gallagher; Catherine Harrington – Willkie Farr & Gallagher; Jeffrey Hochman – Willkie Farr & Gallagher; Andrew Kim – Willkie Farr & Gallagher;

Law Firms: Willkie Farr & Gallagher;

Clients: W. R. Berkley Corporation;

Author: Ambrogio Visconti