xAdvises Underwriters on The Progressive Corporation’s $1.5 Billion SEC-Registered Senior Notes Offering

Sullivan & Cromwell represented the joint book-running managers in connection with The Progressive Corporation’s SEC-registered senior notes offering. The company issued $500 million of 4.6% Senior Notes due 2031 and $1 billion of 5.15% Senior Notes due 2036. The offering forms part of Progressive’s capital markets financing strategy. Joint book-running managers included Goldman Sachs & Co. LLC and TD Securities (USA) LLC. The transaction represents a significant debt capital markets issuance in the U.S. market.