NU Online News Service, Jan. 27, 11:27 a.m. – SAFECO Corp., Seattle, is borrowing $500 million by issuing five-year and seven-year notes.

The multiline insurer wants to use the cash to repay $300 million in notes due March 15 and to pay off another $200 million in notes early. The notes that would be paid off early are scheduled to mature in April 2005. The notes that SAFECO would be refinancing carry an interest rate of 7.875%.

Goldman, Sachs & Company, New York, and Banc of America Securities L.L.C., a unit of Bank of America Corp., Charlotte, N.C., will be the co-lead underwriters.