Moody's assigns new Torchmark debt Baa1, Baa2

Moody's Investors Service said it assigned a Baa1 rating to Torchmark Corp.'s $300 million 10-year senior fixed rate unsecured debt issuance.

Proceeds from the issuance are expected to be used to finance the planned fourth quarter 2012 acquisition of Family Heritage Life Insurance Co. and to redeem $94 million 7 3/8% senior notes due 2013, with any remainder to be used for general corporate purposes.

Moody's also assigned a hybrid Baa2 rating to Torchmark's $125 million 40-year fixed rate junior subordinated debenture issuance.

The outlook is stable.

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