Massachusetts Mutual Life Insurance Co. priced its private exchange offers for its outstanding surplus notes.
The private exchange offering includes any and all of the outstanding $250 million of its 5.625% surplus notes due 2033, $310 million of its 8.875% surplus notes due 2039, $400 million of its 5.375% surplus notes due 2041 and $500 million of its 4.500% surplus notes due 2065.
The outstanding surplus notes held by eligible holders will be exchanged for consideration of the company's new 3.729% surplus notes due 2070 and cash equivalent to the exchange consideration, if applicable.
Eligible holders will be paid $1,326.05 in 2070 surplus notes and $1 in cash for the 2033 surplus notes, $1,612.25 in 2070 surplus notes and $215 in cash for the 2039 surplus notes, $1,347.11 in 2070 surplus notes for the 2041 surplus notes and $1,193.30 in 2070 surplus notes for the 2065 surplus notes. The consideration will be for each $1,000 principal amount of tendered surplus notes validly tendered and not validly withdrawn before 5 p.m. ET on Oct. 8.
The surplus notes validly tendered and accepted for exchange by MassMutual are expected to settle Oct. 11. The company will also pay accrued and unpaid interest in cash on the tendered 2033, 2039, 2041 and 2065 surplus notes up to, but not including, the settlement date.
D.F. King & Co. Inc. is the information and exchange agent for the exchange offers.
