Northwestern Mutual sets exchange offer for 6.063% surplus notes

Chicago, Sept. 13 – Northwestern Mutual Life Insurance Co. announced a private offer to exchange its $1.75 billion principal amount outstanding 6.063% surplus notes due 2040, according to a news release.

The exchange would be for consideration consisting of its 3.625% surplus notes due 2059 plus cash.

Noteholders whose 2040 notes are accepted for exchange will receive a cash payment representing interest that has accrued up to the settlement date minus the interest accrued on the new 2059 notes.

The fixed spread on the notes is 100 basis points relative to the 2.875% U.S. Treasury due May 15, 2049.

The expiration time for the exchange offer is 5 p.m. ET on Sept. 19. Settlement is expected on Sept. 24.

D.F. King & Co., Inc. is the information and exchange agent (800 821-8781, 212 269-5550 or nmli@dfking.com, www.drking.com/nmli).

Northwestern Mutual Life Insurance is a Milwaukee-based financial services and mutual insurance company.

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