0001193125-16-687688.txt : 20160822 0001193125-16-687688.hdr.sgml : 20160822 20160822170754 ACCESSION NUMBER: 0001193125-16-687688 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20160822 DATE AS OF CHANGE: 20160822 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PROGRESSIVE CORP/OH/ CENTRAL INDEX KEY: 0000080661 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 340963169 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-213231 FILM NUMBER: 161845857 BUSINESS ADDRESS: STREET 1: 6300 WILSON MILLS RD CITY: MAYFIELD VILLAGE STATE: OH ZIP: 44143 BUSINESS PHONE: 4404615000 MAIL ADDRESS: STREET 1: 6300 WILSON MILLS RD CITY: MAYFIELD VILLAGE STATE: OH ZIP: 44143 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PROGRESSIVE CORP/OH/ CENTRAL INDEX KEY: 0000080661 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 340963169 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 6300 WILSON MILLS RD CITY: MAYFIELD VILLAGE STATE: OH ZIP: 44143 BUSINESS PHONE: 4404615000 MAIL ADDRESS: STREET 1: 6300 WILSON MILLS RD CITY: MAYFIELD VILLAGE STATE: OH ZIP: 44143 FWP 1 d229556dfwp.htm FWP FWP

Filed Pursuant to Rule 433

Registration No. 333-213231

Term Sheet dated August 22, 2016

 

LOGO

The Progressive Corporation

$500,000,000

2.45% SENIOR NOTES DUE 2027

 

Issuer:    The Progressive Corporation
Format:    SEC Registered
Securities:    2.450% Senior Notes Due 2027
Expected Ratings (Moody’s / S&P / Fitch)*:    A2 / A / A (stable/stable/stable)
Security Type:    Senior Unsecured Fixed Rate Notes
Trade Date:    August 22, 2016
Settlement Date:    August 25, 2016 (T+3)
Maturity Date:    January 15, 2027
Principal Amount:    $500,000,000
Price to Public:    99.965% of principal amount
Gross Underwriting Discount:    0.650%
Proceeds to Issuer Before Expenses:    $496,575,000
Spread to Treasury Benchmark:    92 basis points
Treasury Benchmark:    1.500% due August 15, 2026
Treasury Benchmark Yield:    1.534%
Coupon:    2.450%
Yield to Maturity:    2.454%
Interest Payment Dates:    Semi-annually on January 15 and July 15, commencing on January 15, 2017
Optional Redemption:    Make whole call as set forth in the preliminary prospectus supplement (Treasury Rate plus 15 basis points).
Denominations:    Minimum of $2,000, with increments of $1,000 thereafter
CUSIP; ISIN:    743315AR4 / US743315AR46
Joint Bookrunners:   

Credit Suisse Securities (USA) LLC

Goldman, Sachs & Co.

*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The issuer has filed a registration statement, including a prospectus and preliminary prospectus supplement, with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request by calling Credit Suisse Securities (USA) LLC toll free at 1-800-221-1037 or Goldman, Sachs & Co. toll free at 1-866-471-2526.

Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.

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