New Issue: American Financial prices $300 million 5.25% 10-year notes at 462.5 bps spread

By Cristal Cody

Tupelo, Miss., March 26 – American Financial Group, Inc. sold $300 million of 5.25% 10-year senior notes on Thursday at 98.625 to yield 5.43% and a spread of Treasuries plus 462.5 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes (Baa1/BBB+) were initially talked to price in the Treasuries plus 462.5 bps area.

BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the lead managers.

Proceeds will be used for general corporate purposes.

American Financial Group is a Cincinnati-based holding company for property and casualty insurance subsidiaries.

Issuer:	American Financial Group, Inc.
Amount:	$300 million
Description:	Senior notes
Maturity:	April 2, 2030
Bookrunners:	BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
Co-managers:	Barclays, KeyBanc Capital Markets Inc., MUFG, PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc.
Coupon:	5.25%
Price:	98.625
Yield:	5.43%
Spread:	Treasuries plus 462.5 bps
Call features:	Make-whole call before Jan. 2, 2030 at greater of par or Treasuries plus 50 bps; thereafter at par
Trade date:	March 26
Settlement date:	April 2
Ratings:	Moody’s: Baa1
	S&P: BBB+
Distribution:	SEC registered
Price guidance:	Treasuries plus 462.5 bps area

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