Cleary Gottlieb represented Liberty Mutual Group Inc. (Liberty Mutual) and its parent holding company guarantors in an initial offering of $500 million of its 3.95% investment-grade U.S. dollar-denominated senior notes due 2060; its offers to exchange new notes for any and all of five series of its outstanding notes: 6.5% senior notes due 2042, 7% senior notes due 2034, 6.5% senior notes due 2035, 4.85% senior notes due 2044, and 4.5% senior notes due 2049; and its related cash tender offers to purchase any and all of the existing notes open to certain investors.
The new notes offering priced on April 28, 2020, and settled on May 7, 2020. The new notes were offered in the United States under Rule 144A and outside the United States under Regulation S.
The exchange offers and cash offers launched on April 28, 2020, and settled on May 7, 2020. Approximately $246 million aggregate principal amount of existing notes were tendered and accepted for exchange in the exchange offers, and approximately $3 million aggregate principal amount of existing notes were tendered and accepted for purchase in the cash offers.
Liberty Mutual, together with its affiliates, is one of the largest property and casualty insurers in the United States, and a diversified global insurer that offers a wide range of insurance products and services.