By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Jan. 5 – Pacific Life Global Funding II priced $400 million of 2.45% 10-year funding agreement-backed notes on Tuesday, according to a market source.
The notes priced with a spread of 80 basis points over Treasuries and were talked to come with a spread over Treasuries in the high 90 bps area.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA Inc. are 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
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| Amount: | $400 million
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| Issue: | Funding agreement-backed notes
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| Maturity: | Jan. 11, 2032
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| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA Inc.
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| Coupon: | 2.45%
|
| Spread: | Treasuries plus 80 bps
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| Pricing date: | Jan. 4
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| Talk: | Treasuries plus high 90 bps area
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