W. R. Berkley Corporation Calls 5.75% Subordinated Debentures Due 2056 for Redemption

Rhea-AI Summary

W. R. Berkley Corporation (NYSE:WRB) announced the redemption of its $290 million in 5.75% Subordinated Debentures due 2056. The redemption date is set for June 1, 2021, with the price equal to the principal plus accrued interest. Registered holders will receive a detailed Notice of Redemption from The Bank of New York Mellon, the trustee. Founded in 1967, W. R. Berkley is one of the largest commercial lines writers in the U.S., operating in property casualty insurance through its Insurance and Reinsurance segments.

Positive

• Redemption of $290 million in debentures may improve financial stability.
• Eliminating debt could enhance future cash flow.

Negative

• None.

W. R. Berkley Corporation (NYSE:WRB) (the “Company”) announced today that it will redeem the $290,000,000 aggregate principal amount of its 5.75% Subordinated Debentures due 2056 (CUSIP No. 084423 607) (the “Debentures”).

The redemption date will be June 1, 2021, and the redemption price will equal the principal amount plus accrued and unpaid interest to, but excluding, the date of redemption.

Details concerning the redemption price and the other terms and conditions of the redemption will be more fully described in a Notice of Redemption being provided to registered holders of the Debentures by The Bank of New York Mellon, as trustee. Holders of notes who have questions should contact Dimple Gandhi at the trustee at (212) 815-5498 or via email at dimple.gandhi@bnymellon.com, or Karen A. Horvath, Vice President – External Financial Communications, at the Company at (203) 629-3000.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210419005076/en/

FAQ

What is W. R. Berkley Corporation planning regarding its subordinated debentures?

W. R. Berkley Corporation is redeeming $290 million of its 5.75% Subordinated Debentures due 2056.

When is the redemption date for the WRB subordinated debentures?

The redemption date is June 1, 2021.

What is the redemption price for the WRB debentures?

The redemption price will equal the principal amount plus accrued and unpaid interest.

Who can I contact for more information on WRB's debenture redemption?

Holders can contact Dimple Gandhi at The Bank of New York Mellon or Karen A. Horvath at W. R. Berkley Corporation.