New Issue: Aflac prices $1 billion 3.6% 10-year notes at Treasuries plus 295 bps

By Cristal Cody

Tupelo, Miss., March 30 – Aflac Inc. sold $1 billion of 3.6% 10-year senior notes (A3/A-) on Monday at 99.742 to yield 3.631%, or a spread of 295 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.

Initial price talk was in the Treasuries plus 340 bps area.

The bookrunners were Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, SMBC Nikko Securities America Inc., Wells Fargo Securities LLC, BofA Securities, Inc., MUFG and PNC Capital Markets LLC.

Aflac plans to use the proceeds for general corporate purposes.

The Columbus, Ga.-based company provides supplemental health and life insurance.

Issuer:	Aflac Inc.
Amount:	$1 billion
Maturity:	April 1, 2030
Description:	Senior notes
Bookrunners:	Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, SMBC Nikko Securities America Inc., Wells Fargo Securities LLC, BofA Securities, Inc., MUFG and PNC Capital Markets LLC
Co-managers:	Academy Securities, Inc., BNY Mellon Capital Markets, LLC, Credit Suisse Securities (USA) LLC, Drexel Hamilton, LLC and J.P. Morgan Securities LLC
Coupon:	3.6%
Price:	99.742
Yield:	3.631%
Spread:	Treasuries plus 295 bps
Call feature:	Make-whole call before Jan. 1, 2030 at Treasuries plus 45 bps; thereafter at par
Trade date:	March 30
Settlement date:	April 1
Ratings:	Moody’s: A3
	S&P: A-
Distribution:	SEC registered
Price guidance:	Treasuries plus 340 bps area

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