By Cristal Cody
Tupelo, Miss., July 15 – Reliance Standard Life Global Funding II priced an upsized $400 million of 2.625% funding agreement-backed notes due July 22, 2022 (A2/A+) on Monday at a spread of 83 basis points over Treasuries, according to a market source.
The notes were initially talked to price in the Treasuries plus 95 bps area with guidance tightened to the Treasuries plus 85 bps area, plus or minus 2 bps.
The deal was upsized from $300 million.
J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc. were the bookrunners of the Rule 144A and Regulation S offering.
The issuer is a financing arm of Philadelphia-based Reliance Standard Life Insurance Co.
| Issuer: | Reliance Standard Life Global Funding II
|
| Amount: | $400 million
|
| Description: | Funding agreement-backed notes
|
| Maturity: | July 22, 2022
|
| Bookrunners: | J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc.
|
| Coupon: | 2.625%
|
| Spread: | Treasuries plus 83 bps
|
| Trade date: | July 15
|
| Ratings: | Moody’s: A2
|
| S&P: A+
|
| Distribution: | Rule 144A and Regulation S
|
| Price guidance: | Treasuries plus 85 bps area, plus or minus 2 bps; initial price talk at Treasuries plus 95 bps area
|
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