By Cristal Cody
Chicago, April 21 – Western and Southern Life Insurance Co. sold a $500 million offering of 3.75% notes due April 28, 2061 (A+) on Wednesday, according to a market source.
The notes priced with a spread of Treasuries plus 150 basis points, at least 30 points low to initial talk which had the notes coming in the 180 to 185 bps area.
The Rule 144A and Regulation S deal was led by Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC.
Proceeds, according to Fitch Ratings, will be used for general corporate purposes.
Western and Southern Life Insurance is a Cincinnati-based provider of life insurance, annuity and investment products.
| Issuer: | Western and Southern Life Insurance Co.
|
| Issue: | Surplus notes
|
| Amount: | $500 million
|
| Maturity: | April 28, 2061
|
| Bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
|
| Coupon: | 3.75%
|
| Spread: | Treasuries plus 150 bps
|
| Trade date: | April 21
|
| Ratings: | Fitch: A+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 180 to 185 bps area
|
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