US insurer Travelers Property Casualty Corporation has announced plans to sell $1.4bn (£874.8m) in debts.
Travelers has been hit by asbestos-related losses in the past 12 months. The three-part debt sale would take place by the end of next week, market sources said yesterday.
The sale is expected to include five-year and ten-year notes and 30-year bonds.
Lehman Brothers and Salomon Smith Barney are the joint book managers on the sale.
