Primerica to sell $600 million 10-year senior notes; price talk Treasuries plus 145 bps area

By Rebecca Melvin and Cristal Cody

Concord, N.H., Nov. 16 – Primerica Inc. plans to price $600 million of 10-year senior notes, according to a market source and additional details from a 424B5 filing with the Securities and Exchange Commission.

The notes due Nov. 19, 2031 are talked to yield in the 145 basis points area over Treasuries, the source said.

The notes have a make-whole call followed by a three-month par call.

Wells Fargo Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint bookrunning managers.

The proceeds will be used to redeem the company’s 4.75% senior notes due July 15, 2022, of which $375 million remain outstanding; to repay about $125 million of borrowings under its revolving credit facility; and with any remaining proceeds for general corporate purposes, which may include share repurchases.

The insurance and financial services company to middle income families is based in Duluth, Ga.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.