American Financial Group, Inc. (AFG) on Friday announced the sale of $200 million aggregate principal amount of 6?% Senior Notes due June 12, 2042. The company has granted the underwriters a 30-day option to purchase up to an additional $30 million aggregate principal amount of Senior Notes. The Senior Notes are redeemable on or after June 12, 2017, at 100% of their principal amount plus accrued and unpaid interest to the redemption date.
The net proceeds from the offering, together with cash on hand, will be used to redeem $112.5 million aggregate principal amount of 71/2% Senior Notes due November 2033 and $86.25 million aggregate principal amount of 71/4% Senior Notes due January 2034, issued by one of American Financial 's subsidiaries and guaranteed by the company and another of its subsidiaries, in each case plus accrued and unpaid interest thereon to the date of redemption. If the underwriters exercise their option to purchase additional Senior Notes, any net proceeds from such exercise will be used either to redeem in part the company's 7?% Senior Debentures due 2034, plus accrued and unpaid interest thereon to the date of redemption, of which $115 million aggregate principal amount is outstanding, or for general working capital purposes.
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