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W.R. Berkley Corp., 5.75% Subordinated Debentures due 6/1/2056
Ticker Symbol: WRB-D* CUSIP: 084423607 Exchange: NYSE
* NOTE: This security is no longer trading as of 6/01/2021
Security has been Called for: Tuesday, June 1, 2021
April 18, 2021 -- W. R. Berkley Corporation (NYSE:WRB) (the “Company”) announced today that it will redeem the $290,000,000 aggregate principal amount of its 5.75% Subordinated Debentures due 2056 (CUSIP No. 084423607) (the “Debentures”).
The redemption date will be June 1, 2021, and the redemption price will equal the principal amount plus accrued and unpaid interest to, but excluding, the date of redemption.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: W.R. Berkley Corp., 5.75% Subordinated Debentures due 2056, issued in $25 denominations, redeemable at the issuer's option on or after 6/1/2021 at $25 per note plus accrued and unpaid interest, and maturing 6/1/2056. Interest distributions of 5.75% per annum ($1.435 per annum or $0.359375 per quarter) will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date that will be 2/15, 5/15, 8/15 & 11/15 respectively (NOTE: the ex-dividend date is at least one business day prior to the record date). The Issuer has the right on one or more occasions to defer the payment of interest on the debentures for up to five consecutive years (see prospectus for further information). This security is possibly subject to an early call as a result of the occurrence of a tax event or rating agency event (see prospectus for further information). Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. This security was rated as Baa3 by Moody’s and BBB- by S&P at the date of its IPO. The Notes are unsecured, subordinated obligations of the company and will rank equally with all existing and future unsecured, subordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (WRB)
IPO - 5/18/2016 - 11.60 Million Debentures @ $25.00 /deb.
Link to IPO Prospectus
Market Value $288.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 475 Steamboat Road, Greenwich, CT 06830 |
| Main Phone Number |
203-629-3000 |
| Fax Number |
203-629-3073 |
| Investor Contact (VP)
Karen A. Horvath
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203-629-3000
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Toll Free Phone Number |
Unknown |
| CEO - W. Robert Berkley Jr. |
CFO - Richard M. Baio |
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