By Cristal Cody
Tupelo, Miss., Oct. 17 – Pacific Life Insurance Co. (A3/A/A) priced $750 million of 4.3% 50-year fixed-to-floating rate surplus notes on Tuesday at a spread of 150 basis points over Treasuries, tighter than initial price talk in the 170 bps area, according to a market source.
The notes convert to a floating rate of Libor plus 179.6 bps after an initial period.
The company held fixed income investor calls on Monday for the Rule 144A and Regulation S offering.
Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC were the lead managers.
Pacific Life Insurance is a Newport Beach, Calif.-based insurance company.
| Issuer: | Pacific Life Insurance Co.
|
| Amount: | $750 million
|
| Description: | Surplus notes
|
| Maturity: | Oct. 24, 2067
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC
|
| Coupon: | 4.3%; converts to floating rate of Libor plus 179.6 bps after initial period
|
| Spread: | Treasuries plus 150 bps
|
| Call feature: | Non-callable for 30 years
|
| Trade date: | Oct. 17
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Fitch: A
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | Treasuries plus 170 bps area
|
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