trending Market Intelligence /marketintelligence/en/news-insights/trending/8FI5RIyQZH8SKrZRgC1xSQ2 content esgSubNav
In This List

MassMutual reveals results of private exchange offer for surplus notes

Blog

The Big Picture 2022 Insurance Industry Outlook

Podcast

Next in Tech | Episode 37: Insurance impacts on technology and vice versa

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


MassMutual reveals results of private exchange offer for surplus notes

Massachusetts Mutual Life Insurance Co. completed its announced private exchange offer for all of its outstanding 5.625% surplus notes due 2033, 8.875% surplus notes due 2039, 5.375% surplus notes due 2041 and 4.500% surplus notes due 2065.

The outstanding notes are being exchanged for consideration consisting of MassMutual's 3.729% surplus notes due 2070 and cash equivalent to the exchange consideration, if applicable.

At 5 p.m. ET on Oct. 8, $56.8 million aggregate principal amount of the 2033 surplus notes, $180.4 million aggregate principal amount of the 2039 surplus notes, $136.3 million aggregate principal amount of the 2041 surplus notes and $241.8 million aggregate principal amount of the 2065 surplus notes, were validly tendered and not withdrawn.

The company expects to accept all of the tendered surplus notes that were validly tendered and not withdrawn on Oct. 11.

D.F. King & Co. Inc. was the information and exchange agent for the exchange offers.