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Aflac prices yen-denominated notes offering

Aflac Inc. has priced ¥60 billion in yen-denominated subordinated debentures with a coupon of 2.108%.

The subordinated debentures will mature in 2047 and are redeemable in whole or in part after 10 years at a redemption price equal to their principal amount.

Aflac plans to use the net proceeds from the offering to fund all or a portion of the redemption price of its 5.50% subordinated debentures due 2052, of which $500 million principal amount is outstanding.

Mizuho International Plc, Morgan Stanley & Co. International Plc and SMBC Nikko Securities America Inc. are serving as joint book-running managers for the offering.

As of Oct. 16, US$1 was equivalent to ¥111.69.