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Published on 4/3/2024 in the Prospect News Investment Grade Daily.

New Issue: MassMutual Global prices $1.2 billion notes in fixed- and floating-rate tranches due 2027

By William Gullotti and Cristal Cody

Buffalo, N.Y., April 3 – MassMutual Global Funding II sold $1.2 billion of notes due April 9, 2027 in two parts on Tuesday, according to a market source.

MassMutual priced $350 million of floating-rate notes and $850 million of 5.1% notes.

The floaters priced with a coupon of SOFR plus 74 basis points.

The 5.1% notes priced at 60 bps over Treasuries, tight to initial talk in the Treasuries 80 bps area.

BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and TD Securities (USA) LLC were the bookrunners.

The issuer is a unit of Massachusetts Mutual Life Insurance Co. based in Springfield, Mass.

Issuer:MassMutual Global Funding II
Amount:$1.2 billion
Issue:Notes
Maturity:April 9, 2027
Bookrunners:BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and TD Securities (USA) LLC
Trade date:April 2
Floaters
Amount:$350 million
Coupon:SOFR plus 74 bps
Initial talk:SOFR plus equivalent spread
5.1% notes
Amount:$850 million
Coupon:5.1%
Spread:Treasuries plus 60 bps
Initial talk:Treasuries plus 80 bps area

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