By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., Aug. 24 – Pacific Life Global Funding II priced $600 million of 5.5% three-year funding agreement-backed senior secured notes on Wednesday, according to a market source.
The notes due Aug. 28, 2026 priced with a spread of 88 basis points over Treasuries and were talked to come with a spread over Treasuries in the 110 bps area.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC 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: | $600 million
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| Issue: | Funding agreement-backed senior secured notes
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| Maturity: | Aug. 28, 2026
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| Bookrunners: | Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC
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| Coupon: | 5.5%
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| Spread: | Treasuries plus 88 bps
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| Pricing date: | Aug. 23
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| Talk: | Treasuries plus 110 bps area
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