Progressive Prices $1.5 Bln Senior Notes Offering At 99.987% And 99.676% Of Par

Progressive Corp. priced a $1.5 billion senior notes offering in an underwritten public offering. The deal increases the insurer's long-term debt capacity; specific terms (coupon, maturities) were not disclosed, so immediate market impact is likely limited and confined to company-level funding/credit metrics.

Analysis

Progressive Corp. priced a $1.5 billion senior notes offering in an underwritten public offering. The deal increases the insurer's long-term debt capacity; specific terms (coupon, maturities) were not disclosed, so immediate market impact is likely limited and confined to company-level funding/credit metrics.