The Hanover Insurance Group, Inc. Announces Pricing of $500 Million Senior Notes Offering
The Hanover Insurance Group (NYSE: THG) has announced the pricing of $500 million senior unsecured notes with a 5.50% interest rate, due September 1, 2035. The company plans to use the proceeds to repay its existing 7.625% Senior Notes due October 2025 and 4.500% Senior Notes due April 2026, along with general corporate purposes.
The debt offering is expected to close around August 21, 2025, subject to customary conditions. Goldman Sachs, J.P. Morgan Securities, and Morgan Stanley are serving as joint book-running managers for the offering, which is being made through an effective shelf registration with the SEC.
The Hanover Insurance Group (NYSE: THG) ha comunicato il prezzo di emissione di obbligazioni senior non garantite per 500 milioni di dollari con un tasso d'interesse del 5,50%, scadenza 1潞 settembre 2035. L'azienda intende utilizzare i proventi per rimborsare le sue esistenti Senior Notes al 7,625% in scadenza ottobre 2025 e le Senior Notes al 4,500% in scadenza aprile 2026, oltre che per finalit脿 societarie generali.
Si prevede che l'offerta di debito si concluda intorno al 21 agosto 2025, salvo le consuete condizioni. Goldman Sachs, J.P. Morgan Securities e Morgan Stanley fungono da joint book-running managers per l'operazione, effettuata tramite una registrazione a disposizione (shelf) efficace presso la SEC.
The Hanover Insurance Group (NYSE: THG) anunci贸 el precio de emisi贸n de 500 millones de d贸lares en notas senior no garantizadas con un inter茅s del 5,50%, vencimiento el 1 de septiembre de 2035. La compa帽铆a planea usar los fondos para pagar sus actuales Senior Notes al 7,625% con vencimiento en octubre de 2025 y las Senior Notes al 4,500% con vencimiento en abril de 2026, adem谩s de destinarlos a prop贸sitos corporativos generales.
Se espera que la oferta de deuda cierre alrededor del 21 de agosto de 2025, sujeta a las condiciones habituales. Goldman Sachs, J.P. Morgan Securities y Morgan Stanley act煤an como joint book-running managers para la operaci贸n, la cual se realiza mediante una inscripci贸n en shelf efectiva ante la SEC.
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The Hanover Insurance Group (NYSE: THG) a annonc茅 la tarification de 500 millions de dollars de billets seniors non garantis au taux d'int茅r锚t de 5,50%, 茅ch茅ance le 1er septembre 2035. La soci茅t茅 pr茅voit d'utiliser les produits pour rembourser ses Senior Notes 脿 7,625% arrivant 脿 茅ch茅ance en octobre 2025 et ses Senior Notes 脿 4,500% arrivant en avril 2026, ainsi que pour des besoins g茅n茅raux de l'entreprise.
L'offre de dette devrait se cl么turer aux alentours du 21 ao没t 2025, sous r茅serve des conditions habituelles. Goldman Sachs, J.P. Morgan Securities et Morgan Stanley agissent comme co-chefs de file (joint book-running managers) pour l'op茅ration, r茅alis茅e via un enregistrement shelf effectif aupr猫s de la SEC.
The Hanover Insurance Group (NYSE: THG) hat die Preisfestsetzung f眉r unbesicherte Senior-Notes in H枚he von 500 Millionen US-Dollar mit einem Zinssatz von 5,50 % und F盲lligkeit am 1. September 2035 bekannt gegeben. Das Unternehmen plant, die Erl枚se zur R眉ckzahlung seiner bestehenden Senior Notes mit 7,625 % (F盲lligkeit Oktober 2025) und der Senior Notes mit 4,500 % (F盲lligkeit April 2026) sowie f眉r allgemeine Unternehmenszwecke zu verwenden.
Das Schuldenangebot soll voraussichtlich um den 21. August 2025 abgeschlossen werden, vorbehaltlich 眉blicher Bedingungen. Goldman Sachs, J.P. Morgan Securities und Morgan Stanley fungieren als Joint Book-Running Managers f眉r das Angebot, das 眉ber eine wirksame Shelf-Registrierung bei der SEC erfolgt.
- New notes carry a lower 5.50% interest rate compared to existing 7.625% notes, potentially reducing interest expenses
- Extended debt maturity profile to 2035, improving long-term financial flexibility
- Successful placement of substantial $500 million offering indicates strong market confidence
- Increased total debt obligation with $500 million new issuance
- Additional interest expenses will impact cash flow until existing notes are repaid
Insights
Hanover's new debt offering reduces interest expenses by replacing higher-rate notes with 5.50% notes, improving financial flexibility.
The Hanover Insurance Group has priced a
This debt restructuring offers material financial benefits. By replacing the
The transaction also extends Hanover's debt maturity profile by approximately 10 years, from 2025/2026 to 2035. This improved maturity ladder enhances financial flexibility and reduces near-term refinancing pressure, which is particularly valuable in today's volatile interest rate environment.
The company has secured strong institutional backing for this offering, with Goldman Sachs, J.P. Morgan, and Morgan Stanley serving as joint book-runners. This syndicate of top-tier investment banks signals confidence in Hanover's credit quality and likely ensured competitive pricing terms.
Closing is expected around August 21, 2025, pending customary conditions. This well-timed refinancing takes advantage of current market conditions before the imminent maturity of the 2025 notes, demonstrating proactive liability management by Hanover's financial team.
Nothing herein shall constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such state or jurisdiction. The offering is being made pursuant to an effective shelf registration filed with the Securities and Exchange Commission ("SEC") on August 18, 2025. A prospectus and prospectus supplement related to this offering have been filed with the SEC. This press release does not constitute a notice of redemption with respect to, or any offer to purchase, the Debentures. Any such notice will be given to holders of the Debentures in a manner prescribed in the indenture governing the Debentures.
Copies of the prospectus and related prospectus supplement may be obtained at no cost by visiting the SEC website at . Alternatively, copies or information concerning this offering may be obtained by contacting the joint book-running managers: Goldman Sachs & Co. LLC at +1 (800) 828-3182, J.P. Morgan Securities LLC at +1 (212) 834-4533, or Morgan Stanley & Co. LLC at +1 (866) 718-1649.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in
Forward-Looking Statements
This news release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Those forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief or expectations with respect to future events and financial performance and the debt offering, including the expected closing of the debt offering and the use of proceeds from the debt offering. The company cautions investors that any such forward-looking statements are not guarantees of future performance, and actual results could differ materially. Investors are directed to consider the risks and uncertainties in the company's business that may affect future performance and that are discussed in readily available documents, including those risks which are discussed in the company's annual report and other documents filed by the company with the SEC.
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Oksana Lukasheva | Emily P. Trevallion | |
(508) 525-6081 | (508) 855-3263 | |
Email: [email protected] | Email: [email protected] |
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FAQ
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