The Hanover Insurance Group of Worcester is raising $375 million in funds to pay down its debt.
The company announced Wednesday it has priced a registered offering of $375 million of its senior, unsecured 4.5-percent notes due April 15, 2026. The company plans to use the proceeds to redeem outstanding 7.5-percent notes due 2020 and 6.375-percent notes due 2021. The anticipated closing of the offering is April 8.
J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and Lloyds Securities Inc. are acting as joint book-running managers for the offering.
