AmerUs to sell $250 million perpetual preferreds

By Paul A. Harris

St. Louis, June 27 - AmerUs Group Co. will sell up to $250 million of its series A non-cumulative perpetual preferred stock (Ba2//BB+), according to a company news release.

Lehman Brothers will run the books for the Rule 144A offering, according to a company source who declined to answer other questions about the deal.

Proceeds from the sale will be used to repay $100 million drawn by the company under its credit facility, which was used to refinance a portion of its 6.95% senior notes due 2005, to repurchase its common stock subject to market conditions and for general corporate purposes.

The issuer is a Des Moines, Iowa, producer of life insurance and annuity products.

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