Reinsurance Group of America gives results of tender offer

By Mary-Katherine Stinson

Lexington, Ky., Sept. 23 – Reinsurance Group of America, Inc. announced results of its tender offer for any and all of $400 million outstanding 6.2% fixed-to-floating rate subordinated debentures due 2042 (Cusip: 759351703), according to a press release.

As of the expiration date of 5 p.m. ET on Sept. 22, $151,048,375, or 37.76%, of the debentures were tendered. In addition, $311,875 were tendered according to guaranteed delivery procedures.

As previously reported, the tender offer consideration is $25.20 per $25-par debenture. Accrued interest will also be paid to the payment date.

Payment is expected for Sept. 23.

Debentures tendered via guaranteed delivery procedures are due by 5 p.m. ET on Sept. 26. Payment will be made one day after delivery, but interest will only be paid through the payment date.

The offer is conditional upon a successful new offering of subordinated debentures. The company expects the previously announced sale of its 7.125% fixed-rate reset subordinated debentures due 2052 will be completed on Sept. 23.

The company plans to redeem all or a portion of the remaining debentures that are not tendered in the offer.

D.F. King & Co., Inc. is the information and tender agent for the offer (888 542-7446, 212 269-5550, rga@dfking.com).

The dealer managers are Wells Fargo Securities, LLC (704 410-4756, 866 309-6316, LiabilityManagement@wellsfargo.com), BofA Securities, Inc. (980 387-3907, 888 292-0070, debt_advisory@bofa.com), HSBC Securities (USA) Inc. (212 525-5552, 888 HSBC-4LM, lmamericas@us.hsbc.com), J.P. Morgan Securities LLC (212 834-3554, 866 834-4666), MUFG Securities Americas Inc. (212 405-7481, 877 744-4532, liability.management@mufgsecurities.com) and RBC Capital Markets, LLC (212 618-7843, 877 381-2099, liability.management@rbccm.com).

Reinsurance Group is a Chesterfield, Mo.-based reinsurance company.

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