By Cristal Cody
Tupelo, Miss., Sept. 21 – Pacific Life Global Funding II priced $600 million of 3.35% three-year funding agreements-backed secured notes (A1/AA-/AA-) at a spread of 38 basis points over Treasuries, according to a market source.
Initial price talk was in the high 50 bps over Treasuries area.
J.P. Morgan Securities, LLC, Mizuho Securities USA LLC and Morgan Stanley & Co. 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
|
| Maturity: | Sept. 23, 2023
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| Bookrunners: | J.P. Morgan Securities, LLC, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC
|
| Coupon: | 0.5%
|
| Spread: | Treasuries plus 38 bps
|
| Trade date: | Sept. 16
|
| Ratings: | Moody’s: A1
|
| S&P: AA-
|
| Fitch: AA-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus high 50 bps area
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