Assurant, Inc. announced the closing of a public offering of $300.0 million aggregate principal amount of its 5.550% Senior Notes due 2036.
The net proceeds from the sale of the Notes will be approximately $296.0 million.
The proceeds will be used to redeem all outstanding aggregate principal amount of its 6.100% Senior Notes due 2026 and for general corporate purposes.
Offering Details
The public offering was for $300.0 million aggregate principal amount of 5.550% Senior Notes due 2036.
Net Proceeds
Assurant will receive approximately $296.0 million net proceeds after deducting expenses.
Utilization of Funds
The net proceeds will be used to redeem all outstanding $175.0 million 6.100% Senior Notes due 2026 and for general corporate purposes.
- The successful closing of the public offering indicates investor confidence in Assurant's financial position and future prospects.
- Redeeming the outstanding 6.100% Senior Notes due 2026 will help optimize Assurant's debt structure and reduce interest expenses.
Assurant's strategic move to raise funds through Senior Notes and redeem existing debt reflects a prudent financial strategy to enhance shareholder value and support future growth initiatives.