By Cristal Cody
Chicago, Sept. 9 – Pacific LifeCorp’s Thursday sale of $750 million of 5.4% 30-year senior notes (A3/A-) was filled out with additional details from a market source.
The notes priced with a 195 basis points spread over benchmark Treasuries. Initial price talk was in the 220 bps area.
BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and Wells Fargo Securities LLC are bookrunners.
The company plans to use proceeds of the Regulation S and Rule 144A notes for general corporate purposes, including redemption or repayment of debt, including the 7.9% surplus notes due 2023.
Pacific LifeCorp is part of Newport Beach, Calif.-based insurance company Pacific Life Insurance Co.
| Issuer: | Pacific LifeCorp
|
| Amount: | $750 million
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| Issue: | Senior notes
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| Maturity: | Sept. 15, 2052
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| Bookrunners: | BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and Wells Fargo Securities LLC
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| Coupon: | 5.4%
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| Spread: | Treasuries plus 195 bps
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| Pricing date: | Sept. 8
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| Ratings: | Moody’s: A3
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| S&P: A-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Treasuries plus 220 bps area
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