By Stephanie N. Rotondo
Phoenix, Aug. 14 - Reinsurance Group of America Inc. priced a $400 million offering of 6.2% fixed-to-floating-rate subordinated debentures due Sept. 15, 2042, a trader told Prospect News on Tuesday.
The notes priced at par of $25.
The interest rate will be fixed through Sept. 15, 2022. After Sept. 15, 2022, the interest rate will convert to a floating rate equal to Libor plus 447 basis points. The rate will be reset quarterly.
Throughout the life of the notes, interest will be payable on the 15th day of March, June, September and December. The first interest payment date is Dec. 15.
Barclays, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunning managers.
The notes can be redeemed in whole within 90 days of a tax or rating agency event, including a make-whole premium, before Sept. 15, 2022.
After Sept. 15, 2022, the notes can be redeemed at par in whole or in part at any time.
The company will apply to list the notes on the New York Stock Exchange.
Proceeds will be used for general corporate purposes.
Reinsurance Group is a Chesterfield, Mo.-based reinsurance company.
| Issuer: | Reinsurance Group of America Inc.
|
| Securities: | Fixed-to-floating-rate subordinated debentures
|
| Amount: | $400 million
|
| Maturity: | Sept. 15, 2042
|
| Bookrunners: | Barclays, UBS Securities LLC and Wells Fargo Securities LLC
|
| Coupon: | 6.2% through Sept. 15, 2022; then resets to Libor plus 477 bps
|
| Price: | Par of $25
|
| Yield: | 6.2% through Sept. 15, 2022; then Libor plus 447 bps
|
| Call option: | Within 90 days of a tax or rating agency event, including make-whole premium, before Sept. 15, 2022; after Sept. 15, 2022 at par at any time
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 21
|
| Cusip: | 759351703
|
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