Unum Group is offering $450 million aggregate principal amount of its 4.500% senior notes due 2049.
Interest on the notes will be paid every June 15 and Dec. 15, starting Dec. 15.
The company expects net proceeds of about $444.6 million, after deducting underwriting discount and estimated offering expenses. The proceeds will be used to buy any targeted securities accepted for payment in a previously announced tender offer and, together with cash on hand, to fund the redemption, including any make-whole premium, of all or a portion of the 3.00% senior notes due May 15, 2021, not purchased in the tender offer.
The remainder of the proceeds will be used for general corporate purposes, potentially including additional redemptions or repurchases of outstanding debt.
The offering's joint book-running managers are Bank of America Merrill Lynch, Goldman Sachs & Co. LLC, HSBC and Wells Fargo Securities. Citigroup, J.P. Morgan, Deutsche Bank Securities, U.S. Bancorp, BB&T Capital Markets, BNY Mellon Capital Markets LLC, Fifth Third Securities, Regions Securities LLC and SunTrust Robinson Humphrey are serving as co-managers.
