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Article: Fitch Rates Berkley's $300MM Sr. Unsecured Notes 'BBB+'; Outlook Negative.
- Article from:
- Business Wire
- Article date:
- September 14, 2009
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NEW YORK -- Fitch Ratings has assigned a 'BBB+' rating to W.R. Berkley Corporation's (Berkley's) new issue of $300 million 7.375% senior unsecured notes due 2019. The Rating Outlook is Negative.
Berkley intends to use the net proceeds of the issuance for general corporate purposes, including the potential repurchase of common stock and the repayment of indebtedness. Such indebtedness may include Berkley's $150 million of 5.125% senior notes, which mature on Sept. 30, 2010.
Fitch estimates that following the new debt issuance, Berkley's equity-adjusted debt-to-total capital ratio could increase to the high 20%'s from roughly 24% at June 30, 2009. If, ...