Commerce Group Files Registration Statement to Raise $300 Million

Massachusetts-based Commerce Group, Inc. announced that it has filed a registration statement with the Securities and Exchange Commission for a public offering of $300 million of senior unsecured notes.

The Company said it is “planning to use the proceeds obtained through the issuance of securities under the registration statement for general corporate purposes, including to enhance the capital position of its insurance subsidiaries in support of recent premium growth, as well as to continue the diversification efforts outside of Massachusetts by its existing subsidiaries.”

Bear, Stearns & Co. Inc. and Merrill Lynch & Co. will serve as the joint book-running managers for the offering.