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.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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