By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., March 29 – Pacific Life Global Funding II priced $400 million of 4.9% five-year funding agreement-backed notes on Tuesday, according to a market source.
The notes due April 4, 2028 priced with a spread of 135 basis points over Treasuries and were talked to come with a spread over Treasuries in the 150 bps area.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, 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: | April 4, 2028
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Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Mizuho Securities USA Inc.
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Coupon: | 4.9%
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Spread: | Treasuries plus 135 bps
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Pricing date: | March 28
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Talk: | Treasuries plus 150 bps area
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