W. R. Berkley Corporation Calls 5.900% Subordinated Debentures Due 2056 for Redemption

Rhea-AI Summary

W. R. Berkley Corporation (NYSE: WRB) has announced its intention to redeem $110 million of its 5.900% Subordinated Debentures due 2056. The redemption will occur on March 1, 2021, at a price equal to the principal amount plus accrued interest. Registered holders will receive further details through a Notice of Redemption from The Bank of New York Mellon, the trustee. Founded in 1967, W. R. Berkley Corporation is a major player in the U.S. commercial lines insurance market, operating in both insurance and reinsurance segments.

Positive

• Redeeming $110 million in subordinated debentures may strengthen financial stability.
• The redemption reflects the company's commitment to managing its debt obligations.

Negative

• None.

W. R. Berkley Corporation (NYSE: WRB) (the “Company”) announced today that it will redeem the $110,000,000 aggregate principal amount of its 5.900% Subordinated Debentures due 2056 (CUSIP No. 084423 508) (the “Debentures”).

The redemption date will be March 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/20210129005026/en/

FAQ

What is the amount of the subordinated debentures W. R. Berkley Corporation is redeeming?

W. R. Berkley Corporation is redeeming $110 million of its subordinated debentures.

When is the redemption date for W. R. Berkley Corporation's debentures?

The redemption date is March 1, 2021.

What is the interest rate on the subordinated debentures being redeemed?

The subordinated debentures have an interest rate of 5.900%.

Who can holders of the debentures contact for more information?

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