The Hanover Insurance Group, Inc. announced the pricing of a registered offering of $500 million aggregate principal amount of senior, unsecured 5.50% notes due September 1, 2035. This debt offering is anticipated to close on or around August 21, 2025, subject to customary closing conditions.
The company plans to use the net proceeds from the issuance of these new notes to repay its outstanding 7.625% Senior Notes due October 2025. Additionally, proceeds will be used to repay or redeem its outstanding 4.500% Senior Notes due April 2026, and for general corporate purposes.
This refinancing strategy is expected to optimize the company's debt structure by replacing higher-interest obligations with new notes at a lower interest rate. This move demonstrates proactive capital management aimed at improving financial efficiency and potentially reducing future interest expenses.
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