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Sumitomo Life Insurance to issue ¥105B of notes

Sumitomo Life Insurance Co. plans to raise ¥105 billion via the issuance of unsecured subordinated notes in three tranches.

The company said the notes will mature in December 2076.

The first tranche amounts to ¥84 billion and was priced with an annual fixed rate of 1.13% until December 2022. The second tranche amounts to ¥10 billion with a fixed rate of 1.30% per year until December 2026. The third tranche amounts to ¥11 billion with a fixed rate of 1.55% per annum until December 2031.

The first, second and third tranches will bear a floating rate after December 2022, December 2026 and December 2031, respectively.

The insurer plans to use proceeds from the issue for general corporate purposes.

SMBC Nikko Securities Inc., Nomura Securities Co. Ltd., Mizuho Securities Co. Ltd., Daiwa Securities Co. Ltd. and Shinkin Securities Co. Ltd. are the underwriters of the issue.

As of Dec. 13, US$1 was equivalent to ¥115.27.