By Aleesia Forni
Virginia Beach, Oct. 2 – Farmers Exchange Capital III priced $500 million of 5.454% trust surplus note securities due Oct. 15, 2054, according to a company press release.
Distributions will accrue at 5.454% until and including Oct. 15, 2034, then at Libor plus 345.4 basis points.
Proceeds will be used to repay outstanding amounts under the 6.15% certificates of contribution due 2021 issued by Farmers Insurance Exchange and Truck Insurance Exchange and for general corporate purposes.
The notes were sold via Rule 144A and Regulation S.
The Farmers Exchanges are three reciprocal insurers owned by their policyholders, and together with their subsidiaries and affiliates comprise the insurance provider Farmers Insurance Group of Companies.
The company is based in Los Angeles.
| Issuer: | Farmers Exchange Capital III
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| Amount: | $500 million
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| Description: | Trust surplus note securities
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| Maturity: | Oct. 15, 2054
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| Coupon: | 5.454% up to and including Oct. 15, 2034, then at Libor plus 345.4 bps
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| Trade date: | Oct. 1
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| Distribution: | Rule 144A, Regulation S
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