Torchmark Corp Issue of Debt
30 Mars 2016 - 3:59PM
UK Regulatory
TIDMTMK
Torchmark Prices Junior Subordinated Debentures Offering
MCKINNEY, Texas, March 30, 2016 -- Torchmark Corporation (NYSE: TMK) announced
today that it has priced an offering of $300 million in aggregate principal
amount of its 6.125% Junior Subordinated Debentures that will mature in 2056.
The debentures are redeemable, in whole or in part, at a redemption price equal
to their principal amount on or after June 15, 2021, or earlier under certain
circumstances. Torchmark expects the offering of the debentures to close on
April 5, 2016, subject to the satisfaction of customary closing conditions. The
net proceeds of the offering are expected to be used to redeem all of the $250
million of 6.375% Senior Notes due 2016 and for general corporate purposes.
The debentures are being offered pursuant to an effective shelf registration
statement previously filed with the Securities and Exchange Commission ("SEC"),
and a preliminary prospectus supplement and accompanying prospectus describing
the terms of the offering have been filed with the SEC. Copies of the
preliminary prospectus supplement and accompanying prospectus relating to the
offer and sale of the debentures may be obtained for free by visiting EDGAR on
the SEC Web site at http://www.sec.gov/. Alternatively, copies may be obtained
from:
Merrill Lynch, Pierce, Fenner & Smith, Incorporated
222 Broadway
New York, NY 10038
Attn: Prospectus Department
1-800-294-1322
Morgan Stanley & Co. LLC
180 Varick Street
New York, NY 10014
Attention: Prospectus Department
1-866-718-1649
Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402
Attn: WFS Customer Service
1-800-645-3751
This press release does not constitute an offer to sell or a solicitation of an
offer to buy any of the debentures or any other securities, nor will there be
any sale of the debentures or any other securities in any state or jurisdiction
in which such an offer, solicitation or sale is not permitted.
About Torchmark
Torchmark Corporation is a holding company specializing in life and
supplemental health insurance for "middle income" Americans marketed through
multiple distribution channels including direct response, and exclusive and
independent agencies. Torchmark has several nationally recognized insurance
subsidiaries. Globe Life And Accident is a direct-response provider of life
insurance known for its administrative efficiencies. American Income Life
provides individual life insurance to working families. Liberty National Life
is one of the oldest traditional life insurers in the Southeast. United
American is a consumer-oriented provider of supplemental life and health
insurance. Family Heritage Life provides individual supplemental health
insurance.
Caution Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of
the federal securities laws. These prospective statements reflect management's
current expectations, but are not guarantees of future performance.
Accordingly, please refer to Torchmark's cautionary statement regarding
forward-looking statements, and the business environment in which the Company
operates, contained in the Company's Form 10-K for the year ended December 31,
2015, and any subsequent Forms 10-Q on file with the Securities and Exchange
Commission. Torchmark specifically disclaims any obligation to update or revise
any forward-looking statement because of new information, future developments
or otherwise.
SOURCE Torchmark Corporation
END
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March 30, 2016 09:59 ET (13:59 GMT)
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