BRANCHVILLE, N.J., Feb. 5, 2013 /PRNewswire/ -- Selective Insurance Group, Inc. (NASDAQ: SIGI) today announced the sale of $175 million aggregate principal amount of 5.875% Senior Notes due 2043. The settlement date for the offering is expected to be February 8, 2013, subject to customary closing conditions. Selective granted the underwriters the option to purchase up to an additional $25 million principal amount of Senior Notes within 30 days solely to cover over-allotments. The Senior Notes are redeemable on or after February 8, 2018, at 100% of their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption.
Selective intends to apply for listing of the Senior Notes on the New York Stock Exchange. If the application is approved, Selective expects trading in the Senior Notes to begin within 30 days of issuance under the symbol "SGZA." The net proceeds from the offering will be used to redeem all $100 million aggregate principal amount of Selective's 7.5% Junior Subordinated Notes due 2066 at a redemption price equal to 100% of their principal amount plus accrued and unpaid interest thereon to, but excluding, the date of redemption. The remaining proceeds will be used for general corporate purposes, which may include capital contributions to Selective's insurance subsidiaries.
Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as joint book-running managers for the offering.
This press release does not constitute an offer to sell or a solicitation to buy these securities nor shall there be any offer or sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Senior Notes may be offered only by means of a preliminary prospectus supplement and accompanying base prospectus. Copies of these documents may be obtained by contacting:
- Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attention: Capital Markets Client Support, toll-free: 1-800-326-5897 or email: firstname.lastname@example.org; or
- Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322, Address: 222 Broadway, 11th Floor, New York, New York 10038.