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April 6, 2016

Hanover Insurance raising $375M for debts

Matt Volpini Fred Eppinger, outgoing president and CEO, Hanover Insurance Group is continuing to guide the company as it looks to refinance debt.

The Hanover Insurance Group of Worcester is raising $375 million in funds to pay down its debt.

The company announced Wednesday it has priced a registered offering of $375 million of its senior, unsecured 4.5-percent notes due April 15, 2026. The company plans to use the proceeds to redeem outstanding 7.5-percent notes due 2020 and 6.375-percent notes due 2021. The anticipated closing of the offering is April 8.

J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and Lloyds Securities Inc. are acting as joint book-running managers for the offering.

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