Northwestern Mutual Life Insurance Co. launched an exchange offer for its $1.75 billion of 6.063% surplus notes due 2040.
The company is offering its 3.625% surplus notes due 2059 and cash. The new 2059 notes being offered will be a further issuance of the $600 million of 3.625% surplus notes due 2059 that Northwestern Mutual priced earlier Sept. 12.
The new 2059 notes are expected to be fungible with the original 2059 notes. The price and total consideration are to be determined Sept. 19.
The settlement date is Sept. 20, and payments are expected to settle Sept. 24.
