By Cristal Cody
Tupelo, Miss., April 1 – New York Life Global Funding priced an upsized $1 billion of 4.45% surplus notes due May 15, 2069 (Aa2//AA-) at a spread of Treasuries plus 160 basis points on Monday, according to a market source.
The notes priced on the tight side of guidance in the Treasuries plus 162.5 bps area, plus or minus 2.5 bps.
The Rule 144A and Regulation S deal was upsized from $750 million.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
New York Life Global is a unit of New York-based mutual insurance company New York Life Insurance Co.
| Issuer: | New York Life Global Funding
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| Amount: | $1 billion
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| Description: | Surplus notes
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| Maturity: | May 15, 2069
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| Bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc.
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| Coupon: | 4.45%
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| Spread: | Treasuries plus 160 bps
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| Trade date: | April 1
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| Ratings: | Moody’s: Aa2
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| Fitch: AA-
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| Distribution: | Rule 144A, Regulation S
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| Price guidance: | Treasuries plus 162.5 bps, plus or minus 2.5 bps; initial talk at Treasuries plus 185 bps area
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