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Northwestern Mutual reveals pricing terms of exchange offer for surplus notes

Northwestern Mutual Life Insurance Co. announced the pricing terms of its exchange offer for its $1.75 billion of 6.063% surplus notes due 2040.

The 2040 notes are being exchanged for consideration consisting of Northwestern Mutual's 3.625% surplus notes due 2059. The 2059 notes will be a further issuance of and in addition to the $600 million of 2059 notes that Northwestern Mutual priced Sept. 12. The new 2059 notes are expected to be fungible with the original 2059 notes.

A total of $1,428.58 in new 2059 notes will be paid to noteholders for every $1,000 principal amount of 2040 notes validly tendered and not validly withdrawn before 5 p.m. ET on Sept. 19.

The settlement date is Sept. 20, and payments are expected to settle Sept. 24. Northwestern Mutual will pay accrued and unpaid interest in cash on the 2040 notes up to, but not including, the settlement date.

D.F. King & Co. Inc. is the information and exchange agent for the exchange offer.