American Financial Group, Inc. Announces The Pricing of $200 Million Aggregate Principal Amount of Senior Notes
08 6월 2012 - 9:36PM
Business Wire
American Financial Group, Inc. (NYSE/NASDAQ: AFG) announced
today the sale of $200 million aggregate principal amount of 6⅜%
Senior Notes due June 12, 2042. The Company has granted
the underwriters a 30-day option to purchase up to an additional
$30 million aggregate principal amount of Senior Notes. The Senior
Notes are redeemable on or after June 12, 2017, at 100% of
their principal amount plus accrued and unpaid interest to the
redemption date.
AFG intends to apply for listing of the Senior Notes on The New
York Stock Exchange. If approved, we expect trading in the Senior
Notes to begin within 30 days of issuance. The net proceeds from
the offering, together with cash on hand, will be used to redeem
$112.5 million aggregate principal amount of 7½% Senior Notes due
November 2033 and $86.25 million aggregate principal amount of 7¼%
Senior Notes due January 2034, issued by one of our subsidiaries
and guaranteed by us and another of our subsidiaries, in each case
plus accrued and unpaid interest thereon to the date of redemption.
If the underwriters exercise their option to purchase additional
Senior Notes, any net proceeds from such exercise will be used
either to redeem in part our 7⅛% Senior Debentures due 2034, plus
accrued and unpaid interest thereon to the date of redemption, of
which $115 million aggregate principal amount is outstanding, or
for general working capital purposes. Due to notice requirements
for the redemptions, there will be a period of several weeks
(including the June 30, 2012 quarter end) when both the new Senior
Notes and notes to be redeemed are outstanding.
This press release does not constitute an offer for sale of any
securities. The Senior Notes may be offered only by means of a
Prospectus Supplement and accompanying base Prospectus. Merrill
Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC
and Wells Fargo Securities, LLC acted as joint book-running
managers for the offering. A copy of the Prospectus Supplement and
accompanying base Prospectus relating to the offering may be
obtained from:
- Merrill Lynch, Pierce, Fenner &
Smith Incorporated, at One Bryant Park, New York, NY 10036, toll
free number: 1-800-294-1322;
- UBS Securities LLC at 299 Park Avenue,
New York, NY 10171, Attn: Prospectus Specialist, toll free number:
1-877-827-6444, ext. 561 3884;
- Wells Fargo Securities, LLC at 1525
West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262,
Attn: Capital Markets Client Support, toll free number:
1-800-326-5897.
Alternatively, the base prospectus and prospectus supplement may
be obtained by visiting AFG's EDGAR filings on AFG’s website, or by
clicking here.
About American Financial Group,
Inc.
American Financial Group is an insurance holding company based
in Cincinnati, Ohio with assets in excess of $35 billion. Through
the operations of Great American Insurance Group, AFG is engaged
primarily in property and casualty insurance, focusing on
specialized commercial products for businesses, and in the sale of
traditional fixed and indexed annuities and a variety of
supplemental insurance products such as Medicare supplement (In May
2012, the Company reached a definitive agreement to sell its core
supplemental insurance operations to Cigna Corporation; the
transaction is expected to close in the third quarter of 2012).
Great American Insurance Group’s roots go back to 1872 with the
founding of its flagship company, Great American Insurance
Company.
Forward-Looking
Statements
This press release contains certain statements that may be
deemed to be "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements in this press
release not dealing with historical results are forward-looking and
are based on estimates, assumptions and projections. Examples of
such forward-looking statements include statements relating to: the
Company's expectations concerning market and other conditions and
their effect on future premiums, revenues, earnings and investment
activities; recoverability of asset values; expected losses and the
adequacy of reserves for asbestos, environmental pollution and mass
tort claims; rate changes; and improved loss experience.
Actual results and/or financial condition could differ
materially from those contained in or implied by such
forward-looking statements for a variety of reasons including but
not limited to: changes in financial, political and economic
conditions, including changes in interest and inflation rates,
currency fluctuations and extended economic recessions or
expansions in the U.S. and abroad; performance of securities
markets; AFG’s ability to estimate accurately the likelihood,
magnitude and timing of any losses in connection with investments
in the non-agency residential mortgage market; new legislation or
declines in credit quality or credit ratings that could have a
material impact on the valuation of securities in AFG’s investment
portfolio; the availability of capital; regulatory actions
(including changes in statutory accounting rules); changes in the
legal environment affecting AFG or its customers; tax law and
accounting changes; levels of natural catastrophes and severe
weather, terrorist activities (including any nuclear, biological,
chemical or radiological events), incidents of war or losses
resulting from civil unrest and other major losses; development of
insurance loss reserves and establishment of other reserves,
particularly with respect to amounts associated with asbestos and
environmental claims; changes in persistency of in-force policies;
availability of reinsurance and ability of reinsurers to pay their
obligations; the unpredictability of possible future litigation if
certain settlements of current litigation do not become effective;
trends in persistency, mortality and morbidity; competitive
pressures, including those in the annuity bank distribution
channels, the ability to obtain adequate rates and policy terms;
changes in AFG's credit ratings or the financial strength ratings
assigned by major ratings agencies to our operating subsidiaries;
and other factors identified in our filings with the Securities and
Exchange Commission.
The forward-looking statements herein are made only as of the
date of this press release. The Company assumes no obligation to
publicly update any forward-looking statements.
American Financial (NYSE:AFG)
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