CNA Financial Prices $500 Million Offering Of Senior Notes
August 11, 2020 at 17:28 PM EDT
CHICAGO, Aug. 11, 2020 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced that it has priced $500 million aggregate principal amount of 2.050% senior notes due August 15, 2030 in a public offering. The notes are being offered to the public at 99.748% of the principal amount with a yield to maturity of 2.078%. CNA expects the offering to close on August 14, 2020, subject to the satisfaction of customary closing conditions.
CNA intends to use the net proceeds from the offering to repurchase, redeem, repay or otherwise retire the $400 million outstanding aggregate principal balance of its 5.750% senior notes due August 15, 2021 and any remaining net proceeds for general corporate purposes. Pending such application, CNA intends to invest the net proceeds of this offering in short term interest-bearing securities.
J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Barclays Capital Inc., U.S. Bancorp Investments, Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC are acting as joint book-running managers for the offering. An electronic copy of the final prospectus supplement and accompanying prospectus will be available at the Securities and Exchange Commission's website at www.sec.gov. In addition, a copy of the final prospectus supplement and accompanying prospectus relating to this offering may also be obtained, when available, from:
J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, telephone (212) 834-4533; or
Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue South, Minneapolis, MN 55402, telephone (800) 645-3751; or
BofA Securities, Inc., Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, telephone: 800-294-1322; or
Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NJ 11717, telephone (800) 831-9146.
The offering is being made solely by means of a prospectus supplement and the accompanying prospectus. This press release does not constitute an offer to sell or a solicitation of an offer to purchase any securities.
Any forward-looking statements made in this press release are made by CNA as of the date of this press release. Further, CNA does not have any obligation to update or revise any forward-looking statement contained in this press release, even if CNA's expectations or any related events, conditions or circumstances change.
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SOURCE CNA Financial Corporation