Travelers Property Casualty Corp., announced that its initial public offering of 210,000,000 shares of class A common stock has been priced at $18.50 per share.
Trading will begin Friday, March 22 on the New York Stock Exchange under the symbol TAP.A. Net proceeds from the offering are expected to be $3.7 billion. Salomon Smith Barney is the global coordinator and sole bookrunning manager for the global offering.
Travelers, which is based in Hartford, Conn., has granted the underwriters an option to purchase up to 21,000,000 additional shares of its class A common stock to cover over-allotments.
Concurrently with the initial public offering, Travelers has announced that it also priced an offering of $850 million aggregate principal amount of its 4.50 percent Convertible Junior Subordinated Notes due 2032. Travelers has granted the underwriters of the Convertible Junior Subordinated Notes an option to purchase up to $42.5 million aggregate principal amount of notes to cover over-allotments. Salomon Smith Barney is also the sole bookrunning manager of this concurrent offering.
Travelers is a member company of Citigroup, which has announced that by year-end 2002 it plans to make a tax-free distribution to its stockholders of a portion of its ownership interest in Travelers Property Casualty, such that following the distribution Citigroup would remain a holder of approximately 9.9 percent of Travelers common equity.
A copy of the final prospectus may be obtained by contacting Salomon Smith Barney, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY, 11220.
