• / Free eNewsletters & Magazine
  • / My Account
Home>Pacific Life Insurance Company and Pacific LifeCorp Announce Cash Tender Offer to Purchase Outstanding Surplus Notes and Senior Notes

Pacific Life Insurance Company and Pacific LifeCorp Announce Cash Tender Offer to Purchase Outstanding Surplus Notes and Senior Notes

Pacific Life Insurance Company and Pacific LifeCorp Announce Cash Tender Offer to Purchase Outstanding Surplus Notes and Senior Notes

10/03/2017

Pacific Life Insurance Company and Pacific LifeCorp Announce Cash Tender Offer to Purchase Outstanding Surplus Notes and Senior Notes

Offer to Purchase Up to $500,000,000 Combined Principal Amount of Outstanding 7.90% Surplus Notes due 2023, 9.25% Surplus Notes due 2039, 6.00% Senior Notes due 2020, 6.60% Senior Notes due 2033 and 5.125% Senior Notes due 2043

Pacific Life Insurance Company (“PLIC”) and Pacific LifeCorp (“PLC”; and together with PLIC, “Pacific Life”) today announced the commencement of a cash tender offer to purchase up to $500,000,000 (subject to increase, the “Tender Cap”) combined aggregate principal amount (the “Offer”) of PLIC’s outstanding 7.90% Surplus Notes due 2023 (the “7.90% Surplus Notes”) and 9.25% Surplus Notes due 2039 (the “9.25% Surplus Notes”) and PLC’s outstanding 6.00% Senior Notes due 2020 (the “6.00% Senior Notes”), 6.60% Senior Notes due 2033 (the “6.60% Senior Notes”) and 5.125% Senior Notes due 2043 (the “5.125% Senior Notes”; together, with the 7.90% Surplus Notes, 9.25% Surplus Notes, 6.00% Senior Notes and 6.60% Senior Notes, the “Notes”), at a purchase price determined based on the yield to maturity of the applicable U.S. Treasury reference security specified in the table below plus the applicable Fixed Spread, as further described in Pacific Life’s Offer to Purchase (as defined below).

 

Title of
Security

   

CUSIP / ISIN
Numbers (as
applicable)

   

Principal
Amount
Outstanding

   

 

Acceptance
Priority Level

©2017 Morningstar Advisor. All right reserved.