American Financial Group, Inc. Announces the Pricing of $200 Million Aggregate Principal Amount of Subordinated Debentures Du...
09 9월 2020 - 6:07AM
Business Wire
American Financial Group, Inc. (NYSE: AFG) announced today that
it priced an offering of $200 million aggregate principal amount of
4.50% Subordinated Debentures due September 15, 2060 (the
“Debentures”).
The offering is expected to close on September 15, 2020, subject
to customary closing conditions. The Company intends to apply to
list the Debentures on the New York Stock Exchange under the symbol
“AFGE”. If approved for listing, trading of the Debentures on the
New York Stock Exchange is expected to commence within 30 days
after they are first issued.
The Company intends to use the net proceeds from this offering
for general corporate purposes, which may include the redemption of
its $150 million aggregate principal amount of 6% subordinated
debentures due 2055, which are redeemable at their principal amount
plus accrued and unpaid interest on or after November 15, 2020, or
repurchases of AFG’s outstanding common shares. The Company has not
made a determination as to whether, or if so when, it will issue a
notice of redemption for the 6% Subordinated Debentures due
2055.
BofA Securities, Inc., Wells Fargo Securities, LLC and J.P.
Morgan Securities LLC are joint book-running managers of the
offering.
This offering is being made pursuant to an effective shelf
registration statement previously filed with the Securities and
Exchange Commission (“SEC”) and only by means of a prospectus
supplement and accompanying prospectus. Copies of these documents
may be obtained from:
- BofA Securities, Inc., at NC1-004-03-43, 200 North College
Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus
Department, or email: dg.prospectus_requests@bofa.com;
- Wells Fargo Securities, LLC, at 608 2nd Avenue South, Suite
1000, South Minneapolis, Minnesota 55402, Attention: WFS Customer
Service, toll-free number: 1-800-645-3751 or email:
wfscustomerservice@wellsfargo.com; or
- J.P. Morgan Securities LLC, at 383 Madison Avenue, New York, NY
10179, telephone: 1-212-834-4533, Attention: Investment Grade
Syndicate Desk.
Alternatively, one may obtain these documents for free by
visiting EDGAR on the SEC website at http://www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor does it
constitute an offer, solicitation or sale in any jurisdiction where
such offer, solicitation or sale is not permitted.
About American Financial Group,
Inc.
American Financial Group is an insurance holding company, based
in Cincinnati, Ohio with assets of approximately $70 billion as of
June 30, 2020. 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 in the retail,
financial institutions, broker-dealer, and registered investment
advisor markets. 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, investment
activities and the amount and timing of share repurchases;
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/or abroad; performance of securities
markets, including the cost of equity index options; 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; changes in
insurance law or regulation, including changes in statutory
accounting rules and changes in regulation of the Lloyd’s market,
including modifications to capital requirements; changes in costs
associated with the exit from the Lloyd’s market and the run-off of
AFG’s Lloyd’s-based insurer, Neon; the effects of the COVID-19
outbreak, including the effects on the international and national
economy and credit markets, legislative or regulatory developments
affecting the insurance industry, quarantines or other travel or
health-related restrictions; 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
pandemics, civil unrest and other major losses; disruption caused
by cyber-attacks or other technology breaches or failures by AFG or
its business partners and service providers, which could negatively
impact AFG’s business and/or expose AFG to litigation; development
of insurance loss reserves and establishment of other reserves,
particularly with respect to amounts associated with asbestos and
environmental claims; availability of reinsurance and ability of
reinsurers to pay their obligations; trends in persistency and
mortality; competitive pressures; 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
AFG’s operating subsidiaries; the impact of the conditions in the
international financial markets and the global economy relating to
AFG’s international operations; and other factors identified in
AFG’s 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200908006007/en/
Diane P. Weidner, IRC Vice President – Investor & Media
Relations (513) 369-5713
American Financial (NYSE:AFG)
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American Financial (NYSE:AFG)
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