New Issue: Guardian Life prices $450 million 4.875% 50-year surplus bonds at 150 bps spread

By Aleesia Forni

Virginia Beach, June 17 – Guardian Life Insurance Co. of America priced $450 million of 4.875% 50-year surplus notes (A1/AA-/AA-) at 99.665 to yield 4.893%, or Treasuries plus 150 basis points, a market source said.

Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., Barclays and Goldman Sachs & Co. were the bookrunners for the Rule 144A and Regulation S deal.

The proceeds of the offering will be used for general corporate purposes.

The insurance company is based in New York.

Issuer:	Guardian Life Insurance Co. of America
Amount:	$450 million
Description:	Surplus notes
Maturity:	June 19, 2064
Bookrunners:	Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., Barclays, Goldman Sachs & Co.
Coupon:	4.875%
Price:	99.665
Yield:	4.893%
Spread:	Treasuries plus 150 bps
Trade date:	June 16
Settlement date:	June 19
Ratings:	Moody’s: A1
	Standard & Poor's: AA-
	Fitch: AA-
Distribution:	Rule 144A, Regulation S
Price talk:	Treasuries plus 155 bps area

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