Americo Life to sell $125 million split-rated 10-year deal

By Paul A. Harris

St. Louis, April 22 - Americo Life Inc. is scheduled to price a split-rated Rule 144A offering of $125 million senior notes due 2013 (Ba1/BBB-) late this week or early next week, according to an informed source.

The deal will be priced off the investment-grade bond desk but participation is expected from high yield accounts.

Citigroup is the bookrunner for the Rule 144A sale.

Proceeds will be used to repay $100 million of 9¼% senior subordinated notes due 2005.

The issuer is a Kansas City, Missouri-based holding company for subsidiaries that primarily sell life insurance and annuities.

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