OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has affirmed the Long-Term Issue Credit Rating of “bbb-” of the 4.350% 10-year, senior unsecured notes, due 2025, of Kemper Corporation (Kemper Corp.) [NYSE:KMPR] (headquartered in Chicago, IL). The outlook of the Credit Rating (rating) is stable. The existing ratings of Kemper Corp. and its subsidiaries are unchanged.
The rating applies to the recently issued $200 million 4.350% senior unsecured notes, due 2025, by Kemper Corp., and its existing $250 million 4.350% senior unsecured notes, due 2025, issued Feb. 24, 2015. The additional notes offered constitute a further issuance of, and are fungible with, the existing notes. The $200 million of additional notes were priced at 101.19%, plus accrued interest from Feb. 15, 2017, with a yield to maturity of 4.16%. These additional notes offer terms identical to the existing notes issued on Feb. 24, 2015, with the exception of the issue date and the offering price.
Proceeds of the new notes offered are intended to be used for general corporate purposes. The company’s financial leverage and coverage ratios are within A.M. Best’s guidelines for Kemper Corp.’s current rating and are expected to remain so over the near term.
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