By Paul A. Harris
St. Louis, April 25 - Americo Life Inc. priced a split-rated offering of $125 million of 7 7/8% senior notes due May 1, 2013 (Ba1/BBB-) at 98.816 to yield 8.05% on Friday, according to an informed source.
Price talk was for a yield in the 8% area.
Citigroup was the bookrunner.
Proceeds from the Rule 144A notes will be used to repay $100 million of 9¼% senior subordinated notes due 2005.
Americo is a Kansas City, Mo.-based financial services holding company.
| Issuer: | Americo Life Inc.
|
| Amount: | $125 million
|
| Maturity: | May 1, 2013
|
| Security description: | Senior notes
|
| Bookrunner: | Citigroup
|
| Coupon: | 7 7/8%
|
| Price: | 98.816
|
| Yield: | 8.05%
|
| Spread: | 416 basis points
|
| Call features: | Make-whole call at Treasuries +50 basis points
|
| Settlement date: | May 5, 2003
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Price talk: | 8% area
|
|
|
© 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.
