Filed Pursuant to Rule 433
Registration No. 333-287779
$500,000,000 5.050% Senior Notes due 2035 (the “2035 Notes”)
$750,000,000 5.700% Senior Notes due 2055 (the “2055 Notes”)
PRICING TERM SHEET
July 21, 2025
TERMS APPLICABLE TO THE 2035 NOTES AND THE 2055 NOTES
| Issuer: | The Travelers Companies, Inc. | |
| Expected Ratings:* | Moody’s: A2 (stable) / S&P: A (stable) / Fitch: A (stable) | |
| Trade Date: | July 21, 2025 | |
| Settlement Date (T+3): | July 24, 2025 | |
| Interest Payment Dates: | January 24 and July 24, commencing January 24, 2026 | |
| Joint Book-Running Managers: | BofA Securities, Inc. | |
| BNY Mellon Capital Markets, LLC | ||
| HSBC Securities (USA) Inc. | ||
| J.P. Morgan Securities LLC | ||
| U.S. Bancorp Investments, Inc. | ||
| Co-Managers: | Citigroup Global Markets Inc. | |
| TD Securities (USA) LLC | ||
| Barclays Capital Inc. | ||
| Goldman Sachs & Co. LLC | ||
| Morgan Stanley & Co. LLC | ||
| Truist Securities, Inc. | ||
| Wells Fargo Securities, LLC | ||
| Academy Securities, Inc. | ||
| Siebert Williams Shank & Co., LLC | ||
| Independence Point Securities LLC | ||
| R. Seelaus & Co., LLC | ||
| TERMS APPLICABLE TO THE 2035 NOTES | ||
| Title of Securities: | 5.050% Senior Notes due 2035 | |
| Security Type: | Senior Unsecured Notes | |
| Legal Format: | SEC Registered | |
| Aggregate Principal Amount: | $500,000,000 | |
| Maturity Date: | July 24, 2035 | |
| Public Offering Price: | 99.876% of the principal amount | |
| Coupon: | 5.050% | |
| Benchmark Treasury: | UST 4.250% due May 15, 2035 | |
| Benchmark Treasury Price / Yield: | 99-02+; 4.366% | |
| Re-offer Spread to Benchmark Treasury: | 70 bps | |
| Yield to Maturity: | 5.066% | |
| Optional Redemption: | ||
| Make-Whole Call: |
Treasury Rate plus 15 bps (prior to April 24, 2035) | |
| Par Call: |
On or after April 24, 2035 (three months prior to maturity) | |
| CUSIP / ISIN: | 89417E AT6 / US89417EAT64 | |
| TERMS APPLICABLE TO THE 2055 NOTES | ||
| Title of Securities: | 5.700% Senior Notes due 2055 | |
| Security Type: | Senior Unsecured Notes | |
| Legal Format: | SEC Registered | |
| Aggregate Principal Amount: | $750,000,000 | |
| Maturity Date: | July 24, 2055 | |
| Public Offering Price: | 99.502% of the principal amount | |
| Coupon: | 5.700% | |
| Benchmark Treasury: | UST 4.625% due February 15, 2055 | |
| Benchmark Treasury Price / Yield: | 95-06+; 4.935% | |
| Re-offer Spread to Benchmark Treasury: | 80 bps | |
| Yield to Maturity: | 5.735% | |
| Optional Redemption: | ||
| Make-Whole Call: |
Treasury Rate plus 15 bps (prior to January 24, 2055) | |
| Par Call: |
On or after January 24, 2055 (six months prior to maturity) | |
| CUSIP / ISIN: | 89417E AU3 / US89417EAU38 | |
It is expected that delivery of the notes will be made against payment therefor on or about July 24, 2025, which is the third business day following the date hereof (such settlement cycle being referred to as “T+3”). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the first business day before the delivery of the notes will be required, by virtue of the fact that the notes initially will settle in T+3, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement. Purchasers of the notes who wish to trade the notes prior to the first business day before the delivery of the notes should consult their own advisors.
| * | Note: An explanation of the significance of ratings may be obtained from the rating agencies. Generally, rating agencies base their ratings on such material and information, and such of their own investigations, studies and assumptions, as they deem appropriate. The rating of the notes should be evaluated independently from similar ratings of other securities. A credit rating of a security is not a recommendation to buy, sell or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency. |
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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement 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 it by contacting BofA Securities, Inc. toll-free at 1-800-294-1322, BNY Mellon Capital Markets, LLC toll-free at 1-800-269-6864, HSBC Securities (USA) Inc. by telephone at 1-866-811-8049, J.P. Morgan Securities LLC collect at 1-212-834-4533 or U.S. Bancorp Investments, Inc. by telephone at 1-877-558-2607.
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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