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Unum Group to redeem 4% notes due 2024 with $350 million term facility
By William Gullotti
Buffalo, N.Y., Aug. 2 – Unum Group entered a $350 million term loan agreement with the intention to redeem all of the company’s 4% senior notes due 2024 (Cusip: 91529YAK2), according to a press release on Tuesday.
The term loan facility was jointly arranged by PNC Capital Markets LLC and Truist Securities, Inc.
Proceeds from the new facility, together with cash on hand, will be used to redeem all $350 million of the outstanding notes on Sept. 1.
The redemption price will be the greater of par and a make-whole amount set using Treasuries plus 20 basis points. Accrued interest will also be paid in either case.
Bank of New York Mellon Trust Co., NA is the trustee and paying agent for the redemption.
Unum is an employee benefits provider based in Chattanooga, Tenn.
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