Aflac to sell $25-par subordinated 40-year notes; talk is 5.5%

By Stephanie N. Rotondo

Phoenix, Sept. 19 - Aflac Inc. is planning to sell at least $250 million of $25-par subordinated debentures due September 2052, the company said in a prospectus filed with the Securities and Exchange Commission on Wednesday.

Price talk is around 5.5%, according to a trader.

Interest on the debt is payable quarterly on the 15th day of March, June, September and December. Aflac can call the notes in whole prior to 2017 within 90 days of a tax event, or after 2017 in whole or in part at any time.

Aflac will apply to list the notes on the New York Stock Exchange.

Morgan Stanley & Co. LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

Proceeds will be used for general corporate purposes.

Aflac is a Columbus, Ga.-based provider of supplemental health and life insurance.

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