Progressive Prices $1.5 Billion of Senior Notes

Rhea-AI Summary

The Progressive Corporation (NYSE: PGR) announced the pricing of three senior notes totaling $1.5 billion. These include $500 million of 2.50% notes due 2027, $500 million of 3.00% notes due 2032, and $500 million of 3.70% notes due 2052, all offered in an underwritten public offering. The pricing for the notes was set at 99.962%, 99.759%, and 99.747% of par value, respectively. The offering follows an effective registration statement filed with SEC, and the securities have not been approved by any regulatory authority.

Positive

• Successful pricing of $1.5 billion in senior notes, enhancing liquidity.
• Competitive interest rates for the notes at 2.50%, 3.00%, and 3.70%.

Negative

• None.

MAYFIELD VILLAGE, OHIO, March 02, 2022 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE: PGR) today announced the pricing of $500 million aggregate principal amount of its 2.50% Senior Notes due 2027 (the “2027 notes”), $500 million aggregate principal amount of its 3.00% Senior Notes due 2032 (the “2032 notes”), and $500 million aggregate principal amount of its 3.70% Senior Notes due 2052 (the “2052 notes”) in an underwritten public offering. The 2027 notes were priced at 99.962% of par, the 2032 notes were priced at 99.759% of par, and the 2052 notes were priced at 99.747% of par. Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Siebert Williams Shank & Co., LLC are acting as joint bookrunners for the offering.

The offering is being made pursuant to an effective registration statement on Form S-3, which was filed with the Securities and Exchange Commission. The offering of these notes is being made only by means of a prospectus supplement and the accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus for the offering may be obtained from Credit Suisse Securities (USA) LLC, Prospectus Department, Eleven Madison Avenue, New York, NY 10010, telephone: 1-800-221-1037 or by emailing usa.prospectus@credit-suisse.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: Investment Grade Syndicate Desk, telephone: (212) 834-4533; or Siebert Williams Shank & Co., LLC, telephone: (212) 830-4530.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the registration statement, the prospectus contained therein or the prospectus supplement.

The Progressive Corporation is a Cleveland-based insurance holding company. Its insurance subsidiaries offer personal auto, commercial auto, property and specialty property-casualty insurance and related services throughout the United States.  Progressive's common shares are listed on the New York Stock Exchange.

Company Contact:
Douglas S. Constantine
(440) 910-3563

The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143

FAQ

What are the details of Progressive Corporation's recent bond offering?

Progressive Corporation announced a bond offering totaling $1.5 billion, consisting of 2.50% notes due 2027, 3.00% notes due 2032, and 3.70% notes due 2052.

What is the significance of the pricing for Progressive Corporation's notes?

The notes were priced at 99.962%, 99.759%, and 99.747% of par, indicating strong demand and competitive pricing.

When are the notes issued by Progressive Corporation set to mature?

The notes are set to mature in 2027, 2032, and 2052, providing varying term lengths for investors.

Who are the joint bookrunners for Progressive Corporation's bond offering?

Credit Suisse, Goldman Sachs, J.P. Morgan, and Siebert Williams Shank are acting as joint bookrunners for the offering.

Is there any regulatory approval for Progressive Corporation's bond offering?

The securities offered have not been approved or disapproved by any regulatory authority.