Unum Group announced the early tender results for its 7.405% capital securities due March 15, 2038; 7.19% senior notes due Feb. 1, 2028; 7.25% senior notes due March 15, 2028; 6.75% senior notes due Dec. 15, 2028; and 3.00% senior notes due May 15, 2021.
About $510.6 million in aggregate liquidation of the capital securities and in aggregate principal amount of the notes were validly tendered in a previously announced tender offer at or before 5 p.m. ET on Sept. 17.
The company can purchase the capital securities and senior notes for a combined aggregate purchase price of up to $450 million. Since the combined aggregate purchase price of the capital securities and the notes validly tendered at or before 5 p.m. ET on Sept. 17 surpassed the purchase limit, those capital securities and notes will be accepted for purchase, subject to the purchase limit, the acceptance priority levels and proration factors. Capital securities and notes not accepted for purchase will be immediately credited to the account of their registered holder with The Depository Trust Co.
The company also disclosed the pricing terms of the capital securities and the senior notes. The capital securities have a total consideration of $1,175.00. The 7.19% senior notes due 2028 and the 7.25% senior notes due 2028 have a total consideration of $1,259.95 and $1,267.62, respectively, and reference yield of 1.768%. The 3.00% senior notes due 2021 have a total consideration of $1,014.88 and a reference yield of 1.780%.
The tender offer will expire at 11:59 p.m. ET on Oct. 1, unless extended or earlier terminated. The early settlement date is expected to be Sept. 19.
HSBC Securities (USA) Inc., Bank of America Merrill Lynch, Goldman Sachs & Co. LLC and Wells Fargo Securities LLC are serving as the joint dealer managers for the offer. The information agent and tender agent for the offer is D.F. King & Co. Inc.
