Debt Offering

On September 16, 2025, American Financial Group (AFG) announced a $350 million registered offering of Senior Notes at 5.0%, maturing September 23, 2035, priced at 99.162% of principal. Net proceeds, estimated at $344 million, will be used for general corporate purposes, including potential share repurchases. The offering, managed by BofA Securities, J.P. Morgan, and Wells Fargo, is expected to close September 23, 2025. The offering is made under an effective shelf registration statement filed with the SEC. AFG is an insurance holding company focused on property and casualty insurance.

Dream Finders Homes (DFH) announced a proposed offering of up to $300 million in unsecured senior notes due 2030. The proceeds would be used to reduce borrowings under its revolving credit facility and for general corporate purposes. The notes will be guaranteed by DFH’s subsidiaries. The offering’s success depends on market conditions and is limited to qualified institutional buyers and non-U.S. persons. DFH, a rapidly expanding homebuilder, operates across multiple states and offers mortgage financing and title services.

CNH Industrial (CNHI) has priced a €500 million offering of 3.875% notes due September 3, 2035, at 98.906% of the principal amount. The proceeds will be used for general corporate purposes, including debt repayment. Offered exclusively outside the U.S. to non-U.S. institutional investors, the notes will be listed on the Euronext Dublin Global Exchange Market. The transaction, expected to close September 3, 2025, aims to optimize CNH’s debt maturity profile and reflects a proactive capital management strategy.

The Hanover Insurance Group (THG) announced the pricing of a $500 million offering of 5.50% senior, unsecured notes maturing in 2035. Net proceeds will be used to retire higher-yielding debt, including the 7.625% Senior Notes due October 2025 and the 4.500% Senior Notes due April 2026, with the remainder for general corporate purposes. Goldman Sachs, J.P. Morgan, and Morgan Stanley are joint book-running managers. The offering, under an existing SEC shelf registration, aims to manage the balance sheet and potentially free up capital.

Gray Media priced $900 million in 9.625% senior secured second lien notes maturing in 2032 at par, a $150 million increase from its initial target. The proceeds, upon closing July 18, 2025, will refinance its 7.000% 2027 notes, partially repay its 2029 Term Loan F, and cover fees. Guaranteed by restricted subsidiaries, the notes are being offered exclusively to qualified institutional buyers and non-U.S. investors.

Global Partners LP plans a private offering of $400 million in senior unsecured notes due 2033 to refinance existing debt. Proceeds will fund a cash tender offer for outstanding 2027 notes, with any remaining notes redeemed around August 1, 2025. The offering is exclusively for qualified institutional buyers and non-U.S. persons. This strategic move aims to optimize Global’s capital structure and manage its debt profile.

Southern Company priced $1.45 billion in 3.25% Convertible Senior Notes due 2028, a $200 million increase from its initial target. The notes, convertible at $113.54/share (25% premium over May 20 closing price), were issued privately under SEC Rule 144A. Proceeds (~$1.44 billion, rising to $1.63 billion if options are exercised) will refinance existing debt, cover commercial paper, and support corporate activities, including potential subsidiary investments. Southern noted potential stock volatility due to investor hedging adjustments. The offering, set to close by May 23, 2025, excludes public registration, restricting resale under U.S. securities laws.