Torchmark to redeem $293 million of 9.25% notes on Oct. 29

New York, Oct. 3 – Torchmark Corp. will redeem its $293 million of 9.25% notes due June 15, 2019 on Oct. 29, according to a news release.

The redemption price will be calculated according to the note terms, the release said.

The company previously announced its intention to repay the debt using proceeds of an offering of $550 million of new senior notes due Sept. 15, 2028.

As disclosed earlier, 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.

Proceeds from the new notes 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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