Tag: #Notes

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Business

AM Best assigns indicative Issue Credit Rating to Pacific LifeCorp’s senior unsecured notes

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned an indicative Long-Term Issue Credit Rating of “a” to the forthcoming new senior unsecured notes to be issued by Pacific LifeCorp (Wilmington, DE). The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of Pacific LifeCorp and its subsidiaries are unchanged.

Pacific LifeCorp intends to use the proceeds for general corporate purposes, and to strengthen financial flexibility. AM Best notes that proforma financial leverage and interest coverage metrics are expected to remain at appropriate levels.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Louis Silvers
Senior Financial Analyst
+1 908 439 2200, ext. 5802
louis.silvers@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Michael Porcelli
Director
+1 908 439 2200, ext. 5548
michael.porcelli@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business

AM Best affirms credit rating of reopened W. R. Berkley Corporation’s senior unsecured notes

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a-” on the $470 million 4% senior unsecured notes, due May 2050, issued by W. R. Berkley Corporation (WRB) (Greenwich, CT) [NYSE:WRB]. The company has announced it will be issuing an additional $170 million of senior unsecured notes under that offering, bringing the total to $470 million. The outlook of the Credit Rating (rating) is stable.

Proceeds will be used for the partial redemption of WRB’s 5.625% subordinated notes, due 2053. WRB’s financial leverage and coverage metrics remain within guidelines for the rating following the increase in the principal amount of this security despite the partial replacement of the more equity-like hybrid security with senior debt, given that the senior debt component of the overall capital structure will remain within expectations. Following the partial redemption of the 2053 subordinated notes, unadjusted leverage will measure 32.4%, while adjusted leverage will measure 26.8%, reflecting equity credit for the hybrids.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Jennifer Marshall, CPCU, ARM

Director

+1 908 439 2200, ext. 5327

jennifer.marshall@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Michael J. Lagomarsino, CFA, FRM
Senior Director
+1 908 439 2200, ext. 5810

michael.lagomarsino@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business

Cross River announces completion of $106 million subordinated debt offering

Additional Proceeds From Private Placement Transaction Will Provide The Company With Opportunistic Capital

FORT LEE, N.J.–(BUSINESS WIRE)–CRB Group, Inc., the parent company of Cross River Bank, today announced the closing of its $106 million private placement of subordinated notes (the “Notes”).

“We are pleased to announce the successful completion of our subordinated debt offering, which will provide us with opportunistic capital to continue our strategic growth plans and to fuel our commitment to our employees, partners, businesses and consumers,” said Gilles Gade, Founder, President and CEO of Cross River. “This offering was oversubscribed, and we appreciate the strong support and positive response of the investment community.”

The Notes have a maturity date of September 1, 2030 and carry a fixed rate of interest of 6.50% for the first five years. Thereafter, the Notes will pay interest at 3-month SOFR plus 638 basis points, payable quarterly in arrears. The Notes include a right of prepayment without penalty on or after September 1, 2025. The subordinated notes have been structured to qualify as Tier 2 capital for regulatory purposes. Kroll Bond Rating Agency assigned an investment rating of BBB- to the Notes.

The net proceeds from the offering will be used for general corporate purposes, including to support the growth of the company. Cross River’s current offerings include marketplace lending, payments and strategic financing, as well as small business and commercial real estate lending.

Piper Sandler & Co. served as the lead-placement agent and Keefe, Bruyette & Woods and Jefferies LLC. acted as co-placement agents for the private offering. The Company was advised by Hunton Andrews Kurth LLP and the placement agents were advised by Holland & Knight LLP.

About Cross River

Cross River Bank is a fast-growing financial services organization that merges the established expertise and traditional services of a bank with the forward-thinking offerings of a technology company. Cross River combines a comprehensive suite of products into a unique banking-as-a-platform solution, encompassing lending, payments and risk management. Cross River partners with leading marketplace lenders and technology companies enabling them to focus on their own growth without hindering innovation, while maintaining a strong focus on compliance. In December 2018, Cross River secured $100 million in a funding round led by KKR. This was on top of the $28 million VC funding round in 2016 from Battery Ventures, Andreessen Horowitz, and Ribbit Capital. Founded in 2008, Cross River is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or on Twitter @crossriverbank.

Contacts

Cross River

Eden Hoffman

201 808 7000 x538

ehoffman@crossriver.com