<SEC-DOCUMENT>0001193125-15-054317.txt : 20150219
<SEC-HEADER>0001193125-15-054317.hdr.sgml : 20150219
<ACCEPTANCE-DATETIME>20150219164834
ACCESSION NUMBER:		0001193125-15-054317
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150219
DATE AS OF CHANGE:		20150219

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KEMPER Corp
		CENTRAL INDEX KEY:			0000860748
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				954255452
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-194032
		FILM NUMBER:		15632308

	BUSINESS ADDRESS:	
		STREET 1:		ONE EAST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		3126614600

	MAIL ADDRESS:	
		STREET 1:		ONE EAST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITRIN INC
		DATE OF NAME CHANGE:	19930328

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KEMPER Corp
		CENTRAL INDEX KEY:			0000860748
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				954255452
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		ONE EAST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		3126614600

	MAIL ADDRESS:	
		STREET 1:		ONE EAST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITRIN INC
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration No. 333-194032 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Free Writing
Prospectus dated February&nbsp;19, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Relating to the Preliminary Prospectus </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Supplement dated February&nbsp;19, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Prospectus dated
February&nbsp;19, 2014 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kemper Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$250,000,000 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4.350% Senior Notes
due 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Final Term Sheet </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Kemper Corporation</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Security Type:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Senior Notes</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Format:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">SEC Registered</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Anticipated Ratings / Outlook:*</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Moody&#146;s: Baa3 (stable); S&amp;P: BBB- (stable); Fitch: BBB- (stable)</TD></TR>
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<TD VALIGN="top"><B>Principal Amount:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">$250,000,000</TD></TR>
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<TD VALIGN="top"><B>Trade Date:</B></TD>
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<TD VALIGN="top">February 19, 2015</TD></TR>
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<TD VALIGN="top"><B>Settlement Date:</B></TD>
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<TD VALIGN="top">February 24, 2015 (T+3)</TD></TR>
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<TD VALIGN="top"><B>Maturity Date:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">February 15, 2025</TD></TR>
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<TD VALIGN="top"><B>Interest&nbsp;Payment Dates:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">February 15 and August 15, commencing on August 15, 2015</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Interest Payment Frequency:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Semi-annually</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Coupon (Interest Rate):</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">4.350% per annum</TD></TR>
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<TD VALIGN="top"><B>Price to Public:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">99.937%</TD></TR>
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<TD VALIGN="top"><B>Net Proceeds (Before Expenses):</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">$248,217,500</TD></TR>
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<TD VALIGN="top"><B>Benchmark Treasury:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">2.000% due February 15, 2025</TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top" NOWRAP><B>Benchmark&nbsp;Treasury&nbsp;Price/Yield:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">99-01 / 2.108%</TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top"><B>Spread to Benchmark Treasury:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">+225 bps</TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top"><B>Re-offer Yield to Maturity:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">4.358%</TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top"><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prior to November 15, 2024, we may redeem the notes, in whole at any time or in part from time to time, at our option at a redemption price
equal to accrued and unpaid interest on the notes being redeemed to, but excluding, the redemption date plus the greater of (a) 100% of the principal amount of the notes to be redeemed and (b) the sum of the present values of the remaining scheduled
payments of principal and interest on the notes to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 35 basis points.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">On or after
November 15, 2024 (three months prior to their maturity date), we may redeem the notes, in whole at any time or in part from time to time, at our option at a redemption price equal to 100% of the principal amount of the notes being redeemed plus
accrued and unpaid interest on the notes being redeemed to, but excluding, the redemption date.</P></TD></TR></TABLE>

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<TD VALIGN="top"><B>CUSIP No. / ISIN:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">488401 AB6 / US488401AB66</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Wells Fargo
Securities, LLC</P></TD></TR>
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<TD VALIGN="top"><B>Co-Managers:</B></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BNY Mellon Capital Markets, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fifth Third
Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PNC Capital Markets LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Williams Capital
Group, L.P.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Bancorp Investments, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wedbush Securities
Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dowling &amp; Partners Securities, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JMP Securities
LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Macquarie Capital (USA) Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Raymond James &amp;
Associates, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sandler O&#146;Neill &amp; Partners, L.P.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">William Blair &amp; Company, L.L.C.</P></TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"><B>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. </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The issuer has filed a registration
statement (including a prospectus) with the Securities and Exchange Commission (the &#147;SEC&#148;) 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 </B><B><I>www.sec.gov</I></B><B>. Alternatively, the issuer,
any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533 or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>This communication should be read in conjunction with the preliminary prospectus supplement, dated February&nbsp;19, 2015, and the accompanying
prospectus, dated February&nbsp;19, 2014. The information in this communication supersedes the information in the preliminary prospectus supplement and the accompanying prospectus to the extent inconsistent with the information in the preliminary
prospectus supplement and the accompanying prospectus. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The first paragraph under &#147;Description of Notes&#151;About the Trustee&#148; in the
preliminary prospectus supplement is amended by adding the following sentence to the end of such paragraph: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>BNY Mellon Capital
Markets, LLC, an affiliate of the Trustee, is one of the underwriters in this offering. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The following paragraph is added under the existing
paragraph under &#147;Underwriting (Conflicts of Interest)&#151;Conflicts of Interest&#148; in the preliminary prospectus supplement: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Associated Investment Services, Inc. (AIS), a Financial Industry Regulatory Authority member, a subsidiary of Associated Banc-Corp, is being
paid a referral fee by Wedbush Securities Inc. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The first paragraph under &#147;Underwriting (Conflicts of Interest)&#151;Affiliations&#148; in the
preliminary prospectus supplement is amended by replacing the last sentence thereof with the following: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Affiliates of J.P. Morgan
Securities LLC, Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Fifth Third Securities, Inc., PNC Capital Markets LLC and U.S. Bancorp Investments, Inc. are agents and/or lenders under our revolving credit agreement, while J.P. Morgan
Securities LLC and Wells Fargo Securities, LLC acted as joint bookrunners and joint lead arrangers thereunder. An affiliate of BNY Mellon Capital Markets, LLC will be the Trustee with respect to the notes and serves as trustee with respect to
outstanding debt securities of the Company other than the notes. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>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. </B></P>
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