Liberty Mutual Announces Exchange Offer Pricing

September 27, 2019

Cleary Gottlieb represented Liberty Mutual Group Inc. in its offers to exchange new senior notes due 2050, plus cash, for six series of its outstanding notes.

The exchange offers launched on September 11, 2019, and on September 27, 2019, pursuant to the exchange offers, Liberty Mutual settled the exchange of approximately $1.25 billion aggregate principal amount of its outstanding notes (representing all outstanding notes validly tendered at or prior to the related early participation date).

BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., and Goldman Sachs & Co. LLC acted as the dealer managers for the exchange offers.

Liberty Mutual, together with its affiliates, is a diversified global insurer that offers a wide range of insurance products and services.  It is the fifth largest global property and casualty insurer based on 2018 gross written premium and ranks 75th on the Fortune 100 list of largest corporations in the U.S. based on 2018 revenue.