Reinsurance Group’s $400 million 5.75% $25-par notes trade on NYSE

By Stephanie N. Rotondo

Seattle, June 13 – Reinsurance Group of America Inc.’s $400 million of 5.75% $25-par fixed-to-floating rate subordinated debentures due June 15, 2056 listed on the New York Stock Exchange on Monday, according to a market source.

The ticker symbol is “RZB.”

The deal priced on June 1.

BofA Merrill Lynch, JPMorgan Securities LLC, Wells Fargo Securities LLC and HSBC Securities (USA) Inc. were the joint bookrunners.

Interest, payable quarterly, will be fixed through June 15, 2026 and will then float at Libor plus 404 basis points.

Prior to June 15, 2026, the debentures can be redeemed in whole within 90 days of a rating agency event, a tax event or regulatory capital treatment event. Upon a rating agency event, the redemption price is par plus a make-whole premium. Otherwise, the redemption price is par plus accrued interest.

Additionally, the securities can be redeemed after June 15, 2026, in whole or in part, at par plus accrued interest.

Proceeds, along with those gained from a concurrent offering of senior notes, will be used to repay upon maturity $300 million of 5.625% senior notes coming due March 2017 and for general corporate purposes.

Reinsurance Group is a Chesterfield, Mo.-based insurance holding company.

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