By Cristal Cody
Tupelo, Miss., Jan. 14 – Guardian Life Insurance Co. of America sold $300 million of 3.7% 50-year surplus notes (A1/AA-) at a spread of 147 basis points over Treasuries on Tuesday, according to a market source.
Initial price guidance was in the Treasuries plus 165 bps to 170 bps area.
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
Guardian Life Global Funding is a mutual life insurance company based in New York City.
| Issuer: | Guardian Life Insurance Co. of America
|
| Amount: | $300 million
|
| Maturity: | Jan. 22, 2070
|
| Securities: | Surplus notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC
|
| Coupon: | 3.7%
|
| Spread: | Treasuries plus 147 bps
|
| Trade date: | Jan. 14
|
| Ratings: | Moody’s: A1
|
| S&P: AA-
|
| Price talk: | Treasuries plus 150 bps area, plus or minus 3 bps; initial talk at Treasuries plus 165 bps-170 bps area
|
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