By Devika Patel and Cristal Cody
Knoxville, Tenn., Nov. 16 – Primerica Inc. priced $600 million of 2.8% 10-year senior notes (Baa1/A-) on Tuesday at a spread of 122 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes were talked in the Treasuries plus 145 bps area. They were sold at 99.55 to yield 2.852%.
Wells Fargo Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BNY Mellon Capital Markets LLC, Goldman Sachs & Co. LLC, RBC Capital Markets LLC and Scotia Capital (USA) Inc. were 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.
| Issuer: | Primerica Inc.
|
| Amount: | $600 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 19, 2031
|
| Bookrunners: | Wells Fargo Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BNY Mellon Capital Markets LLC, Goldman Sachs & Co. LLC, RBC Capital Markets LLC and Scotia Capital (USA) Inc.
|
| Coupon: | 2.8%
|
| Price: | 99.55
|
| Yield: | 2.852%
|
| Spread: | Treasuries plus 122 bps
|
| Call: | Make-whole call at Treasuries plus 20 bps until Aug. 19, 2031, then a par call
|
| Trade date: | Nov. 16
|
| Settlement date: | Nov. 19
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 145 bps area
|
| Cusip: | 74164MAB4
|
|
|
© 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.
