BRANCHVILLE, N.J., Feb. 27, 2019 /PRNewswire/ -- Selective Insurance
Group, Inc. (NASDAQ: SIGI) ("Selective") today announced the sale
of $300 million aggregate principal
amount of its 5.375% Senior Notes due 2049. The settlement date for
the offering is expected to be on or about March 1, 2019, subject to the satisfaction of
customary closing conditions.
Selective intends to use the net proceeds from the offering to
redeem all $185 million aggregate
principal amount of its 5.875% Senior Notes due 2043 at a
redemption price equal to 100% of their principal amount, plus
accrued and unpaid interest thereon to, but excluding, the date of
redemption. Any remaining net proceeds will be used for general
corporate purposes.
RBC Capital Markets, LLC, Wells Fargo Securities, LLC and
Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as
joint book-running managers for the offering.
This press release does not constitute an offer to sell or a
solicitation to buy these securities nor shall there be any offer
or sale of these securities in any jurisdiction in which such an
offer, solicitation or sale would be unlawful. The notes are being
offered pursuant to an effective shelf registration statement on
Form S-3 that has previously been filed with the Securities and
Exchange Commission (the "SEC"). The notes may be offered only by
means of a prospectus supplement and accompanying base prospectus.
Copies of these documents, when available, may be obtained by
contacting:
- RBC Capital Markets, LLC, 200 Vesey Street, 8th
Floor, New York, NY 10281,
1-877-749-6225;
- Wells Fargo Securities, LLC, 608 2nd Avenue South,
Suite 100, Minneapolis, MN 55402,
Attention: WFS Customer Service, toll-free: 1-800-645-3751 or
email: wfscustomerservice@wellsfargo.com; or
- Merrill Lynch, Pierce, Fenner & Smith Incorporated,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte
NC 28255-0001, Attention: Prospectus Department,
toll-free at 1-800-294-1322 or e-mail
dg.prospectus_requests@baml.com.
About Selective Insurance Group, Inc.
Selective
Insurance Group, Inc. is a holding company for ten property and
casualty insurance companies rated "A" (Excellent) by A.M. Best.
Through independent agents, the insurance companies offer standard
and specialty insurance for commercial and personal risks, and
flood insurance underwritten by the National Flood Insurance
Program.
Forward-Looking Statements
In this press release, Selective and its management discuss and
make statements based on currently available information regarding
their intentions, beliefs, current expectations, and projections
regarding Selective's future operations and performance.
Certain statements in this report, including information
incorporated by reference, are "forward-looking statements" as that
term is defined in the Private Securities Litigation Reform Act of
1995 ("PSLRA"). The PSLRA provides a safe harbor under the
Securities Act of 1933, as amended, and the Securities Exchange Act
of 1934, as amended, for forward-looking statements. These
statements relate to Selective's intentions, beliefs, projections,
estimations or forecasts of future events or future financial
performance and involve known and unknown risks, uncertainties and
other factors that may cause Selective or its industry's actual
results, levels of activity, or performance to be materially
different from those expressed or implied by the forward-looking
statements. In some cases, forward-looking statements may be
identified by the use of words such as "may," "will," "could,"
"would," "should," "expect," "plan," "anticipate," "target,"
"project," "intend," "believe," "estimate," "predict," "potential,"
"pro forma," "seek," "likely" or "continue" or other comparable
terminology. These statements are only predictions, and Selective
can give no assurance that such expectations will prove to be
correct. Selective undertakes no obligation, other than as may be
required under the federal securities laws, to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Factors that could cause Selective's actual results to differ
materially from those projected, forecasted or estimated by
Selective in forward-looking statements, include, but are not
limited to:
- difficult conditions in global capital markets and the
economy;
- deterioration in the public debt and equity markets and private
investment marketplace that could lead to investment losses and
fluctuations in interest rates;
- ratings downgrades could affect investment values and therefore
statutory surplus;
- the adequacy of Selective's loss reserves and loss expense
reserves;
- the frequency and severity of natural and man-made catastrophic
events, including, but not limited to, hurricanes, tornadoes,
windstorms, earthquakes, hail, terrorism, explosions, severe winter
weather, floods and fires;
- adverse market, governmental, regulatory, legal or judicial
conditions or actions;
- the concentration of Selective's business in the Eastern
Region;
- the cost and availability of reinsurance;
- Selective's ability to collect on reinsurance and the solvency
of Selective's reinsurers;
- uncertainties related to insurance premium rate increases and
business retention;
- changes in insurance regulations that impact Selective's
ability to write and/or cease writing insurance policies in one or
more states;
- recent federal financial regulatory reform provisions that
could pose certain risks to Selective's operations;
- Selective's ability to maintain favorable ratings from rating
agencies, including A.M. Best, Standard & Poor's, Moody's and
Fitch;
- Selective's entry into new markets and businesses; and
- other risks and uncertainties Selective identifies in filings
with the United States Securities and Exchange Commission,
including, but not limited to, Selective's Annual Report on Form
10-K and other periodic reports.
These risk factors may not be exhaustive. Selective operates in
a continually changing business environment, and new risk factors
emerge from time-to-time. Selective can neither predict such new
risk factors nor can Selective assess the impact, if any, of such
new risk factors on Selective's businesses or the extent to which
any factor or combination of factors may cause actual results to
differ materially from those expressed or implied in any
forward-looking statements in this report. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
in this report might not occur.
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SOURCE Selective Insurance Group, Inc.