CHICAGO (AP) -- Commercial insurer CNA Financial Corp. said Friday it completed an offering of $350 million of 7.35 percent 10-year senior notes.

The company used a portion of the proceeds to redeem $250 million of its 2008 senior preferred stock held by Loews Corp., which holds a 90 percent stake in CNA.

CNA to use the rest of the proceeds for general corporate purposes.

Shares fell 1 cent to $22.01 in afternoon trading.