Liberty Mutual in $800 Million Offering

February 1, 2021

Cleary Gottlieb represented Liberty Mutual Group Inc. (Liberty Mutual) and its parent holding company guarantors in an initial offering of $800 million of its 4.300% investment-grade U.S. dollar-denominated Series E Junior Subordinated Notes due 2061.

The offering priced on January 27, 2021 and settled on February 1, 2021. The notes were offered in the United States under Rule 144A and outside the United States under Regulation S.

Interest on the notes may be deferred in whole or in part by Liberty Mutual for up to five consecutive years, during which period interest continues to accrue at the interest rate of the notes, compounded semi-annually. The notes are redeemable at Liberty Mutual’s option at any time prior to five years from settlement upon the occurrence of certain changes in tax, regulatory or rating agency treatment of the notes.

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.