By Marisa Wong and Cristal Cody
Los Angeles, April 10 – Nippon Life Insurance Co. priced $1.32 billion of 5.95% subordinated notes due April 16, 2054 (A-) at Treasuries plus 259 basis points on Tuesday, according to a market source.
Initial price talk was in the 6% to 6.125% area.
The notes are non-callable for 10 years.
Barclays, Citigroup, HSBC, JPMorgan and Morgan Stanley are the bookrunners.
Nippon Life Insurance is a Japanese life insurance company based in Osaka.
| Issuer: | Nippon Life Insurance Co.
|
| Amount: | $1.32 billion
|
| Issue: | Subordinated notes
|
| Maturity: | April 16, 2054
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| Bookrunners: | Barclays, Citigroup, HSBC, JPMorgan and Morgan Stanley
|
| Coupon: | 5.95%
|
| Spread: | Treasuries plus 259 bps
|
| Call: | Non-callable for 10 years
|
| Pricing date: | April 9
|
| Rating: | S&P: A-
|
| Initial price talk: | 6% to 6.125% area
|
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