By Andrea Heisinger
New York, Sept. 25 - Unum Group sold an upsized $350 million of split-rated seven-year senior notes on Friday at par to yield 7.125%, an informed source said.
The deal was done on the high-grade syndicate desk, he said, and was priced at a yield. The size was increased from $250 million.
The notes (Ba1/BBB-/BBB-) priced at a spread of Treasuries plus 416.5 basis points. They have a make-whole call at Treasuries plus 50 bps.
Bookrunners were Goldman Sachs & Co. and Morgan Stanley & Co. Inc. with J.P. Morgan Securities Inc. and Wells Fargo Securities.
The senior co-manager was SunTrust Robinson Humphrey Inc. Co-managers were Barclays Capital Inc., Credit Suisse Securities and Deutsche Bank Securities Inc.
Proceeds will be used for general corporate purposes.
The disability and life insurance company is based in Chattanooga, Tenn.
| Issuer: | Unum Group
|
| Issue: | Senior notes
|
| Amount: | $350 million, increased from $250 million
|
| Maturity: | Sept. 30, 2016
|
| Bookrunners: | Goldman Sachs & Co., Morgan Stanley & Co. Inc., J.P. Morgan Securities Inc., Wells Fargo Securities
|
| Senior co-manager: | SunTrust Robinson Humphrey Inc.
|
| Co-managers: | Barclays Capital Inc., Credit Suisse Securities, Deutsche Bank Securities Inc.
|
| Coupon: | 7.125%
|
| Price: | Par
|
| Yield: | 7.125%
|
| Spread: | Treasuries plus 416.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
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