Progressive Prices $500M 4.60% 2031 Notes and $1B 5.15% 2036 Notes
Progressive has priced $500 million of 4.60% senior notes due 2031 at 99.987% of par and $1 billion of 5.15% senior notes due 2036 at 99.676% of par. Goldman Sachs and TD Securities served as joint bookrunners for the $1.5 billion offering.
1. Offering Terms
Progressive issued $500 million of 4.60% senior notes due March 2031 at 99.987% of par and $1 billion of 5.15% senior notes due March 2036 at 99.676% of par, locking in fixed-rate debt across two maturities.
2. Bookrunners and Registration
Goldman Sachs & Co. LLC and TD Securities (USA) LLC acted as joint bookrunners under an effective Form S-3 registration statement originally filed on May 17, 2024, facilitating the underwritten public offering.
3. Proceeds and Uses
The $1.5 billion raised is available for general corporate purposes, including potential funding of growth initiatives, debt refinancing and balance sheet optimization to support Progressive's insurance operations.