Chicago-based commercial insurer CNA Financial Corp. announced that it intends, subject to market and other conditions, to offer new 10-year senior notes in a public offering underwritten by Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. Inc., Lehman Brothers Inc. and UBS Securities LLC.
The principal amount and coupon will be determined at the time of pricing. The company intends to use the net proceeds of this offering to repay at maturity its 6.5 percent notes due April 15, 2005, and to contribute to its subsidiary Continental Casualty Co. sufficient monies to pay CCC’s $46 million group surplus note due 2024 owned by Loews Corp., owner of 91 percent of the common stock of CNA.
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