By Devika Patel and Cristal Cody
Knoxville, Tenn., Jan. 14 – Nippon Life Insurance Co. priced $1.6 billion of 2.75% 30-year reset notes at Treasuries plus 263.5 basis points on Wednesday according to a market source.
The rate will reset to Treasuries plus 265.3 bps.
BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC were the bookrunners.
Nippon is a Japanese life insurance company based in Osaka.
| Issuer: | Nippon Life Insurance Co.
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| Amount: | $1.6 billion
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| Description: | Reset notes
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| Maturity: | Jan. 21, 2051
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| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
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| Coupon: | 2.75%; resets to Treasuries plus 265.3 bps
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| Spread: | Treasuries plus 263.5 bps
|
| Trade date: | Jan. 13
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