Pacific Life Insurance Company recently completed a private placement of $750 million in 5.95% surplus notes. These notes mature in 2055 and offer a credit spread exceeding the 30-year U.S. Treasury rate.
The offering was exclusively made available to qualified institutional buyers under Rule 144A of the Securities Act of 1933. Sales outside the United States adhered to Regulation S guidelines.
Pacific Life intends to use the net proceeds from this offering to support general corporate activities. The company clarified that principal and interest payments will originate from its surplus funds, as defined by Nebraska law, and require prior approval from the Nebraska Department of Insurance Director.
The notes have not undergone registration under the Securities Act or state securities regulations. Consequently, sales within the United States are limited to situations meeting specific registration exemption requirements under the Securities Act and relevant state laws.
The press release explicitly states this announcement does not constitute an offer to sell or a solicitation to buy these notes or any other securities. It also clarifies that no offers, solicitations, or sales are intended in jurisdictions where such actions are prohibited.
Pacific Life included a section addressing forward-looking statements. The company acknowledged that its statements regarding future performance are subject to inherent uncertainties and risks. These statements are based on management’s current expectations and beliefs, but actual results may differ significantly. Pacific Life also stated it has no obligation to update any forward-looking statements.
Pacific Life, a Fortune 500 company headquartered in Newport Beach, California, offers a diverse range of financial products and services for individuals and businesses. These offerings span retail, institutional, workforce benefits, and reinsurance markets. The company has served policyholders for almost 160 years.
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