By Cristal Cody
Tupelo, Miss., Sept. 10 – Pacific LifeCorp priced $750 million of 3.35% 30-year senior notes (Baa1/A-/A-) on Thursday at a spread of 195 basis points over Treasuries, according to a market source.
Initial price talk was in the 225 bps over Treasuries area.
Barclays, Deutsche Bank Securities, Inc. and Citigroup Global Markets Inc. were the active bookrunners. Passives were BNP Paribas Securities Corp., Goldman Sachs & Co. LLC and HSBC Bank plc.
Proceeds will be used for general corporate purposes.
Pacific Lifecorp is the parent company of Newport Beach, Calif.-based Pacific Life Insurance Co.
| Issuer: | Pacific LifeCorp
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| Amount: | $750 million
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| Description: | Senior notes
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| Maturity: | Sept. 15, 2050
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| Bookrunners: | Barclays, Deutsche Bank Securities, Inc. and Citigroup Global Markets Inc. (active); BNP Paribas Securities Corp., Goldman Sachs & Co. LLC and HSBC Bank plc (passive)
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| Coupon: | 3.35%
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| Spread: | Treasuries plus 195 bps
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| Trade date: | Sept. 10
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| Ratings: | Moody’s: Baa1
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| S&P: A-
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| Fitch: A-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Treasuries plus 200 bps area, plus or minus 5 bps; initial talk at Treasuries plus 225 bps area
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