NEW YORK--(BUSINESS WIRE)--
The Travelers Companies, Inc. (“Travelers”), (NYSE: TRV)
announced today that it has amended and extended its pending
solicitation of consents (the “Consent Solicitation”) from holders of
its 6.75% Senior Notes due 2036 (the “Covered Debt”). The purpose of the
Consent Solicitation is to terminate a replacement capital covenant with
respect to its 6.25% Fixed-to-Floating Rate Junior Subordinated
Debentures due 2067 (the “Subordinated Debentures”). The Consent
Solicitation was previously amended and extended on November 4, 2010.
Travelers also announced that, as of 5:00 p.m., New York City time, on
November 5, 2010 (the “Consent Date”), it has received consents from a
majority of the Holders of the Covered Debt to terminate the replacement
capital covenant.
The amendments to the Consent Solicitation have revised the timing of
the consent payment. Holders of Covered Debt as to which a consent was
validly delivered and not validly withdrawn before the Consent Date will
receive the consent payment with respect to such consents on November 8,
2010 (the “Initial Payment Date”). Travelers will execute a termination
of the replacement capital covenant and terminate the replacement
capital covenant at the Initial Payment Date. Holders of Covered Debt as
to which a consent is validly delivered following the Consent Date but
before the expiration of the Consent Solicitation will receive the
consent payment with respect to such consents promptly following the
expiration of the Consent Solicitation. The expiration of the Consent
Solicitation has been extended to 5:00 p.m., New York City time, on
November 12, 2010, unless further extended by Travelers in its sole
discretion.
Travelers also announced today that it has extended its pending offer to
purchase for cash (the “Tender Offer”) any and all of its $1.0 billion
in outstanding Subordinated Debentures. The expiration of the Tender
Offer has been extended to 5:00 p.m., New York City time, on November 8,
2010, unless earlier terminated or further extended by Travelers in its
sole discretion. As of 5:00 p.m., New York City time, on November 5,
2010, approximately $660,933,000 in aggregate principal amount of
Subordinated Debentures had been validly tendered and not validly
withdrawn pursuant to the Tender Offer.
For a complete statement of the terms and conditions of the Consent
Solicitation, holders of the Covered Debt should refer to the Consent
Solicitation Statement dated October 27, 2010, as well as the earlier
amendment to the Consent Solicitation announced November 4, 2010. Copies
of the Consent Solicitation Statement and the Letter of Consent may be
obtained by holders from the Information Agent, Global Bondholder
Services Corporation, at (866) 857-2200.
For a complete statement of the terms and conditions of the Tender
Offer, holders of the Subordinated Debentures should refer to the Offer
to Purchase dated October 27, 2010. Copies of the Offer to Purchase and
the Letter of Transmittal may be obtained by holders from the
Information Agent, Global Bondholder Services Corporation, at (866)
857-2200.
BofA Merrill Lynch is the Solicitation Agent for the Consent
Solicitation and the Dealer Manager for the Tender Offer. Questions may
be directed to BofA Merrill Lynch, at (866) 292-0070 (toll-free) or
(980) 683-3215 (collect).
All statements in this press release other than statements of historical
facts are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Actual results of matters
addressed in these forward-looking statements involve risks and
uncertainties and may differ substantially from those expressed or
implied. Some of the factors that could cause actual results to differ
are discussed in this press release, under the heading "Risk Factors" in
the company's most recent Form 10-K filed with the Securities and
Exchange Commission and under the heading "Forward-Looking Statements"
in the company's most recent quarterly report on Form 10-Q filed with
the Securities and Exchange Commission.
About Travelers
The Travelers Companies, Inc. is a leading provider of property casualty
insurance for auto,
home
and business.
A component of the Dow Jones Industrial Average, Travelers has more than
30,000 employees and generated revenues of approximately $25 billion in
2009. For more information, visit www.travelers.com.
Source: The Travelers Companies, Inc.
Contact:
The Travelers Companies, Inc.
Media:
Shane Boyd,
917-778-6267
or
Jennifer Wislocki, 860-277-7458
or
Institutional
Investors:
Gabriella Nawi, 917-778-6844
or
Andrew Hersom,
860-277-0902
or
Individual Investors:
Marc Parr,
860-277-0779