The Progressive Corporation entered into an Underwriting Agreement on March 23, 2026, for the offer and sale of $500 million 4.60% Senior Notes due 2031 and $1 billion 5.15% Senior Notes due 2036, with closing expected on March 26, 2026. Net proceeds are estimated at $1,487 million after underwriting discounts and expenses.
Key takeaways
Entered Underwriting Agreement on March 23, 2026 with Goldman Sachs & Co. LLC and TD Securities (USA) LLC as representatives
Issuing $500M 4.60% Senior Notes due March 26, 2031
Issuing $1B 5.15% Senior Notes due March 26, 2036
Interest payable semi-annually on March 26 and September 26, starting September 26, 2026
Net proceeds estimated at $1,487 million
Notes issued under Indenture dated September 12, 2018, supplemented by Fifth Supplemental Indenture dated March 26, 2026