By Cristal Cody
Chicago, Jan. 11 – Sumitomo Life Insurance Co. priced $1.04 billion of 5.875% step-up callable perpetual subordinated notes (A3//A-), according to a market source.
The notes have 10 years of call protection.
Initial price talk was in the 6.25% area, with a revision to the 6.125% area. The notes priced at par.
BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America Inc. were the bookrunners.
The proceeds will be used for general corporate purposes, according to Fitch Ratings.
The mutual life insurance company is based in Osaka, Japan.
| Issuer: | Sumitomo Life Insurance Co.
|
| Amount: | $1.04 billion
|
| Issue: | Step-up callable perpetual subordinated notes
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America Inc.
|
| Coupon: | 5.875%
|
| Price: | Par
|
| Yield: | 5.875%
|
| Call features: | Jan. 18, 2034
|
| Trade date: | Jan. 10
|
| Ratings: | Moody’s: A3
|
| Fitch: A-
|
| Price talk: | 6.25% area, revised to 6.125% area
|
| ISIN: | US86564CAE03, USJ77549AP86
|
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