By Cristal Cody
Tupelo, Miss., June 4 – Reinsurance Group of America, Inc. priced an upsized $600 million of 3.15% 10-year senior notes (Baa1/A) at a spread of 240 basis points over Treasuries on Thursday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were talked to print in the 300 bps over Treasuries area.
The offering was upsized from $500 million.
Reinsurance Group priced the notes at 99.472 to yield 3.212%.
Barclays, BofA Securities Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., HSBC Securities (USA) Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to repay the company’s $400 million 5% senior notes upon maturity on June 1, 2021 and the remainder, if any, for general corporate purposes.
Reinsurance Group is a Chesterfield, Mo.-based reinsurance company
| Issuer: | Reinsurance Group of America, Inc.
|
| Amount: | $600 million
|
| Description: | Senior notes
|
| Maturity: | June 15, 2030
|
| Bookrunners: | Barclays, BofA Securities Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., HSBC Securities (USA) Inc. and Wells Fargo Securities LLC
|
| Co-managers: | Credit Agricole Securities (USA) Inc. and MUFG
|
| Coupon: | 3.15%
|
| Price: | 99.472
|
| Yield: | 3.212%
|
| Spread: | Treasuries plus 240 bps
|
| Call features: | Make-whole call before March 15, 2030 at Treasuries plus 40 bps; thereafter at par
|
| Trade date: | June 4
|
| Settlement date: | June 9
|
| Ratings: | Moody’s: Baa1
|
| S&P: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 300 bps area
|
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