FBL Financial Group to repay $50 million 6.1% notes held by affiliates

By Susanna Moon

Chicago, Aug. 26 - FBL Financial Group, Inc. expects to repay its $50 million 6.1% senior notes due May 3, 2015 by the end of the third quarter, according to an 8-K filing with the Securities and Exchange Commission.

The holders of these notes are both affiliates of FBL Financial Group. Farm Bureau Property & Casualty Insurance Co. holds a note for $25 million, and an investment affiliate of Iowa Farm Bureau Federation, FBL's majority shareholder, holds a note for $25 million.

Both notes are prepayable anytime at par.

9¼% notes refinancing

FBL said on May 4, 2011 that its affiliates refinanced the company's $100 million of 9¼% senior notes due Nov. 5, 2011.

The notes were replaced by $100 million of 6.1% senior notes due May 3, 2015, according to a previous FBL news release.

Farm Bureau Property & Casualty acquired a note for $75 million, and an investment affiliate of Iowa Farm Bureau Federation, FBL's majority shareholder, acquired a note for $25 million.

FBL Financial is a West Des Moines, Iowa-based holding company whose primary operating subsidiaries are Farm Bureau Life Insurance Co. and EquiTrust Life Insurance Co.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.