By Andrea Heisinger
New York, June 16 - Pacific Life Insurance Co. sold $1 billion 9.25% 30-year surplus notes Tuesday to yield Treasuries plus 475 basis points, an informed source said.
The notes (A2/AA-/) priced at 99.952 to yield 9.255%.
Bookrunners were Goldman Sachs & Co., UBS Investment Bank and Wachovia Capital Markets LLC.
The deal was done via Rule 144A.
The insurance and financial services company is based in Newport Beach, Calif.
| Issuer: | Pacific Life Insurance Co.
|
| Issue: | Surplus notes
|
| Amount: | $1 billion
|
| Maturity: | June 15, 2039
|
| Bookrunners: | Goldman Sachs & Co., UBS Investment Bank, Wachovia Capital Markets LLC
|
| Coupon: | 9.25%
|
| Price: | 99.952
|
| Yield: | 9.255%
|
| Spread: | Treasuries plus 475 bps
|
| Distribution: | Rule 144A
|
| Trade date: | June 16
|
| Settlement date: | June 19
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: AA-
|
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