By Cristal Cody
Chicago, Sept. 10 – Nippon Life Insurance Co. sold $900 million of 2.9% 30-year rate reset notes (A-) on Thursday, a market source reported to Prospect News.
The coupon will be fixed at 2.9% for the first 10 years and then will reset every five years, according to S&P Global Ratings.
The notes priced with a spread of 260 basis points over Treasuries.
Price talk for the coupon had been in the 3.25% area.
The notes due Sept. 16, 2051 are non-callable for the first 10 years.
It was originally reported that the notes mature in 10 years, however Sept. 16, 2031 would correctly be referred to as the first call date.
The Rule 144A and Regulation S deal was sold by BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC.
Nippon Life is a Japanese life insurance company based in Osaka.
| Issuer: | Nippon Life Insurance Co.
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| Issue: | Notes
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| Amount: | $900 million
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| Maturity: | Sept. 16, 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: | 2.9% for first 10 years, then resets every five years
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| Spread: | Treasuries plus 260 bps
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| Call features: | 10 years of call protection
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| Trade date: | Sept. 9
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| Rating: | S&P: A-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 3.25% area
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