By Wendy Van Sickle
Columbus, Ohio, March 27 – Chesterfield Reinsurance Co., a subsidiary of Reinsurance Group of America, Inc., entered into a subscription agreement on March 23 under which it has issued $500 million of 7.125% surplus notes due 2043 to a group of financial institutions, according to an 8-K filing with the Securities and Exchange Commission.
Chesterfield Re will use a portion of the proceeds of the surplus notes to fund a ceding commission paid to RGA Reinsurance Co. in connection with assets and insurance liabilities transferred to Chesterfield Re. The remainder of the proceeds will be used by Chesterfield Re for general corporate purposes.
The surplus notes are redeemable prior to maturity.
The life and health reinsurance company is based in Chesterfield, Mo.
| Issuer: | Chesterfield Reinsurance Co.
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| Issue: | Surplus notes
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| Amount: | $500 million
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| Maturity: | 2043
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| Coupon: | 7.125%
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| Subscription date: | March 23
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