By Cristal Cody
Tupelo, Miss., June 18 – Pacific Life Global Funding II priced an upsized $600 million of 1.2% five-year funding agreements-backed secured notes (A1/AA-/AA-) on Wednesday at a spread of 90 basis points over Treasuries, according to a market source.
Initial price talk was in the 112.5 bps over Treasuries area.
The offering was upsized from $400 million.
Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC were the bookrunners.
Pacific Life Global Funding II is part of Newport Beach, Calif.-based insurance company Pacific Life Insurance Co.
| Issuer: | Pacific Life Global Funding II
|
| Amount: | $600 million
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| Description: | FA-backed secured notes
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| Maturity: | June 24, 2025
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| Bookrunners: | Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
|
| Coupon: | 1.2%
|
| Spread: | Treasuries plus 90 bps
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| Trade date: | June 17
|
| Ratings: | Moody’s: A1
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| S&P: AA-
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| Fitch: AA-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 112.5 bps area
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