Northwestern Mutual Life Insurance Co. completed its announced private exchange offer for all of its outstanding 6.063% surplus notes due 2040.
The 2040 notes are being exchanged for the company's 3.625% surplus notes due 2059, which will be issued in addition to $600 million of 3.625% surplus notes due 2059 that were priced Sept. 12.
A total of $525.8 million of the 2040 notes were validly tendered and not validly withdrawn in the exchange offer, which covered $1.75 billion of outstanding principal amount. Eligible holders of the notes accepted for exchange will receive a cash payment representing any accrued interest from the most recent interest payment date for the notes up to Sept. 20, minus the accrued interest on the 2059 notes up to Sept. 20.
The company expects to accept all validly tendered and not validly withdrawn 2040 notes for exchange on Sept. 20.
