Pacific Life Insurance Co. has announced the pricing of $750 million of 4.300% fixed- to floating-rate surplus notes due 2067.

The notes will be issued in a private placement offered only to qualified institutional buyers in accordance with Rule 144A.

Pacific Life plans to use the net proceeds in connection with the recent tender offer by the company and Pacific LifeCorp for Pacific Life's outstanding 9.25% surplus notes due 2039 and 7.90% surplus notes due 2023 and Pacific LifeCorp's outstanding 6.60% senior notes due 2033, 5.125% senior notes due 2043 and 6.00% senior notes due 2020. The company plans to use any remaining net proceeds for general corporate purposes, including the redemption or partial redemption of one or more series of outstanding securities.