By Andrea Heisinger
New York, June 25 - Torchmark Corp. priced an upsized $300 million issue of 9.25% 10-year notes Thursday at par to yield 9.251%, according to an informed source and an FWP filing with the Securities and Exchange Commission.
The deal priced at a yield, he said, and was talked in the 9.25% area. The size was increased from $250 million.
The notes (Baa1/A/) priced with a yield equivalent to Treasuries plus 571.6 basis points.
There is a make-whole call at Treasuries plus 75 bps.
Bookrunners were Wachovia Capital Markets LLC and SunTrust Robinson Humphrey Inc.
Co-managers were Morgan Keegan & Co., BBVA Securities Inc., Comerica Securities Inc., KeyBanc Capital Markets and U.S. Bancorp Investments Inc.
The life and health insurance company is based in McKinney, Texas.
| Issuer: | Torchmark Corp.
|
| Issue: | Notes
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | June 15, 2019
|
| Bookrunners: | Wachovia Capital Markets LLC and SunTrust Robinson Humphrey Inc.
|
| Co-managers: | Morgan Keegan & Co., BBVA Securities Inc., Comerica Securities Inc., KeyBanc Capital Markets Inc., U.S. Bancorp Investments Inc.
|
| Coupon: | 9.25%
|
| Price: | Par
|
| Yield: | 9.251%
|
| Spread: | Treasuries plus 571.7 bps
|
| Call: | Make-whole at Treasuries plus 75 bps
|
| Trade date: | June 25
|
| Settlement date: | June 30
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A
|
| Price talk: | 9.25% area
|
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