Travelers 2014 Annual Report Download - page 218

Table of Contents
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
8. DEBT
Debt outstanding was as follows:
2013 Debt Issuance. On July 25, 2013, the Company issued $500 million aggregate principal amount of 4.60% senior notes that will mature on
August 1, 2043. The net proceeds of the issuance, after original issuance discount and the deduction of underwriting expenses and commissions
and other expenses, totaled approximately $494 million. Interest on the senior notes is payable semi
- annually in arrears on February 1 and August 1.
The senior notes are redeemable in whole at any time or in part from time to time, at the Company's option, at a redemption price equal to the greater
of (a) 100% of the principal amount of senior notes to be redeemed or (b) the sum of the present value of the remaining scheduled payments of
principal and interest on the senior notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of
redemption on a semi
- annual basis (assuming a 360 - day year consisting of twelve 30 - day months) at the then current treasury rate (as defined) plus
15 basis points.
217
(at December 31, in millions)
2014
2013
Short - term:
Commercial paper
$
100
$
100
5.50% Senior notes due December 1, 2015
400
—
Total short - term debt
500
100
Long - term:
5.50% Senior notes due December 1, 2015
—
400
6.25% Senior notes due June 20, 2016
400
400
5.75% Senior notes due December 15, 2017
450
450
5.80% Senior notes due May 15, 2018
500
500
5.90% Senior notes due June 2, 2019
500
500
3.90% Senior notes due November 1, 2020
500
500
7.75% Senior notes due April 15, 2026
200
200
7.625% Junior subordinated debentures due December 15, 2027
125
125
6.375% Senior notes due March 15, 2033
500
500
6.75% Senior notes due June 20, 2036
400
400
6.25% Senior notes due June 15, 2037
800
800
5.35% Senior notes due November 1, 2040
750
750
4.60% Senior notes due August 1, 2043
500
500
8.50% Junior subordinated debentures due December 15, 2045
56
56
8.312% Junior subordinated debentures due July 1, 2046
73
73
6.25% Fixed - to - floating rate junior subordinated debentures due March 15, 2067
107
107
Total long - term debt
5,861
6,261
Total debt principal
6,361
6,361
Unamortized fair value adjustment
50
51
Unamortized debt issuance costs
(62
)
(66
)
Total debt
$
6,349
$
6,346