Western and Southern Life Insurance to price dollar surplus notes

By Cristal Cody

Tupelo, Miss., Jan. 11 – Western and Southern Life Insurance Co. plans to price a dollar-denominated offering of fixed-to-floating rate surplus notes due 2069 (A/A+), according to a market source.

Fixed income investor calls are scheduled for Monday and Tuesday.

The deal is expected in the $500 million area, according to a ratings release from Fitch Ratings.

The issue will have a 30-year non-call period.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the bookrunners for the Rule 144A- and Regulation S-eligible offering.

Proceeds will be used for general corporate purposes, including to repay debt following the completion on Dec. 31 of the company’s $1.55 billion acquisition of Gerber Life Insurance Co. from Nestle SA.

Western and Southern Life Insurance is a Cincinnati-based provider of life insurance, annuity and investment products.

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