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Torchmark prepares $300 million offering of 10-year senior notes
By Andrea Heisinger
New York, Sept. 17 - Torchmark Corp. is pricing $300 million of 10-year senior notes in a deal with a do-not-grow provision on it, a market source said on Monday.
The notes (Baa1/A/) will mature on Sept. 15, 2022.
Bookrunners are Bank of America Merrill Lynch, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.
Proceeds will be used to fund $200 million of the purchase price for the proposed acquisition of Family Heritage Life Insurance Co. of America, with the remainder used for general corporate purposes, including the repurchase or repayment of $94.1 million in outstanding 7.375% notes due 2013.
The insurance and financial services holding company is based in McKinney, Texas.
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