By Andrea Heisinger
New York, March 25 - Wilton Re priced $300 million of 20-year fixed-to-floating-rate notes (/BBB/BBB) on Monday at par to yield 5.875%, a market source said late in the day.
The notes were sold at a spread of Treasuries plus 396.4 basis points.
The notes are not callable for 10 years, the source said.
Pricing was done via Rule 144A and Regulation S.
Citigroup Global Markets Inc., RBC Capital Markets LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the bookrunners.
The life reinsurance company is based in Wilton, Conn.
| Issuer: | Wilton Re
|
| Issue: | Fixed-to-floating-rate notes
|
| Amount: | $300 million
|
| Maturity: | 2033
|
| Bookrunners: | Citigroup Global Markets Inc., RBC Capital Markets LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
|
| Coupon: | 5.875%
|
| Price: | Par
|
| Yield: | 5.875%
|
| Spread: | Treasuries plus 396.4 bps
|
| Call: | Non-callable to 2023
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | March 25
|
| Ratings: | Standard & Poor's: BBB
|
| Fitch: BBB
|
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