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Torchmark plans make-whole call for $293 million 9.25% notes
By Susanna Moon
Chicago, Sept. 25 – Torchmark Corp. plans to redeem its $293 million principal amount of 9.25% notes due June 15, 2019 using proceeds of senior notes due Sept. 15, 2028.
The redemption price will include the payment of about $11 million for the make-whole premium plus accrued interest to but excluding the redemption date, according to a 424B5 filing with the Securities and Exchange Commission.
Proceeds will also be used to fund $150 million of additional capital to the company’s insurance subsidiaries as well as for general corporate purposes, which may include additional holding company liquidity and the repayment of some commercial paper.
Torchmark is an insurance holding company based in McKinney, Texas, that provides life insurance and supplemental health insurance.
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