By Andrea Heisinger
New York, Feb. 4 - Pacific Life Corp. sold $450 million in 6% 10-year senior notes on Thursday to yield Treasuries plus 250 basis points, a market source away from the deal said.
The notes (Baa1/A-/) priced at 99.303 to yield 6.094%. They are non-callable and were sold via Rule 144A.
Bank of America Merrill Lynch, J.P. Morgan Securities Inc. and UBS Investment Bank were the bookrunners.
The insurance and financial company is based in Newport Beach, Calif.
| Issuer: | Pacific Life Corp
|
| Issue: | Senior notes
|
| Amount: | $450 million
|
| Maturity: | Feb. 10, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc., UBS Investment Bank
|
| Coupon: | 6%
|
| Price: | 99.303
|
| Yield: | 6.094%
|
| Spread: | Treasuries plus 250 bps
|
| Call: | Non-callable
|
| Distribution: | Rule 144A
|
| Trade date: | Feb. 4
|
| Settlement date: | Feb. 9
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
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