Summary
The Progressive Corporation (PGR) filed an 8-K report on November 21, 2002, detailing the closing of a significant debt offering. The company successfully issued $400 million aggregate principal amount of 6.25% Senior Notes due 2032. This offering, initiated on November 18, 2002, under a previously filed registration statement, provides the company with long-term capital. Investors in these senior notes are receiving a fixed interest rate of 6.25% maturing in 2032. The filing includes the underwriting agreement and the indenture establishing the terms of the notes.
Key Highlights
- 1The Progressive Corporation completed an underwritten public offering of $400 million in 6.25% Senior Notes due 2032.
- 2The offering commenced on November 18, 2002, and closed on November 21, 2002.
- 3The notes were issued under the company's existing Registration Statement on Form S-3.
- 4The filing includes the Underwriting Agreement with lead underwriters Goldman Sachs & Co. and Credit Suisse First Boston Corporation.
- 5The Fourth Supplemental Indenture between the Company and State Street Bank and Trust Company, as Trustee, was executed.
- 6The Form of 6.25% Senior Notes due 2032 is also filed as an exhibit.
Frequently Asked Questions
The main purpose of this 8-K filing was to report the closing of The Progressive Corporation's public offering of $400 million in Senior Notes due 2032.
The Senior Notes have an aggregate principal amount of $400 million, carry a fixed interest rate of 6.25% per annum, and mature in the year 2032.
The underwriters for this offering were Goldman Sachs & Co. and Credit Suisse First Boston Corporation.
The exhibits filed include the Underwriting Agreement, the Fourth Supplemental Indenture between Progressive and the Trustee (State Street Bank and Trust Company), and the Form of the 6.25% Senior Notes due 2032.