By Andrea Heisinger
New York, July 11 - Primerica, Inc. priced an upsized $375 million of 4.75% 10-year senior notes on Wednesday at a spread of Treasuries plus 325 basis points, an informed source said.
The deal size was increased from $350 million.
The bonds sold tighter than initial guidance in the mid-to-high 300 bps area and at the tight end of talk in the 330 bps area.
The notes (Baa2/A-/) were sold at 99.843 to yield 4.77%. There is a make-whole call at 50 bps over Treasuries.
Bookrunners were Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
Co-managers were Keefe, Bruyette & Woods Inc. and SunTrust Robinson Humphrey Inc.
Proceeds are being used to repay amounts under a $300 million note owed to Citigroup and for working capital and general corporate purposes.
The provider of life insurance and financial products is based in Duluth, Ga.
| Issuer: | Primerica, Inc.
|
| Issue: | Senior notes
|
| Amount: | $375 million, increased from $350 million
|
| Maturity: | July 15, 2022
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Co-managers: | Keefe, Bruyette & Woods Inc., SunTrust Robinson Humphrey Inc.
|
| Coupon: | 4.75%
|
| Price: | 99.843
|
| Yield: | 4.77%
|
| Spread: | Treasuries plus 325 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | July 11
|
| Settlement date: | July 16
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Price talk: | Mid-to-high 300 bps (initial), 330 bps area (revised)
|
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