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CNA Financial Details Pricing of $550 Million Offering of Senior Notes

February 27, 2014

CNA Financial Corp. announced that it has priced $550 million aggregate principal amount of 3.950 percent senior notes due May 15, 2024, in a public offering.

According to a release, the notes were offered to the public at 99.988 percent of the principal amount with a yield to maturity of 3.952 percent. CNA expects the offering to close on February 27, subject to customary closing conditions.

CNA intends to use all of the net proceeds from the offering, which are estimated to be approximately $545.6 million, after deducting the underwriting discounts and estimated offering expenses, together with cash on hand and available liquidity, to repurchase, redeem, repay or otherwise retire the $549 million outstanding aggregate principal balance of its 5.850 percent senior notes due December 15. Pending such application, CNA intends to invest the net proceeds of this offering in short-term interest- bearing securities.

Barclays, Citigroup, Wells Fargo Securities, J.P. Morgan and US Bancorp are acting as joint book-running managers for the offering.

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