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Torchmark Prices Senior Notes And Junior Subordinated Debentures Offerings

Stocks in this article: TMK

MCKINNEY, Texas, Sept. 18, 2012 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) announced today that it has priced an offering of $300 million in aggregate principal amount of its 3.80% Senior Notes that will mature in 2022.  Torchmark expects the offering of the notes to close on September 24, 2012, subject to the satisfaction of customary closing conditions. Torchmark's insurance subsidiaries will purchase $150 million of the notes. Approximately $200 million of the net proceeds from the offering are expected to be used to fund a portion of the purchase price of Torchmark's proposed acquisition of Family Heritage Life Insurance Company of America, which Torchmark expects to close early in the fourth quarter of 2012. The remainder of the net proceeds will be used for general corporate purposes, which may include the repurchase or repayment of the $94.1 million in principal amount outstanding of Torchmark's 7.375% Notes that mature on August 1, 2013.

Torchmark also announced that it has priced an offering of $125 million in aggregate principal amount of its 5.875% Junior Subordinated Debentures that will mature in 2052. The debentures are redeemable, in whole or in part, at a redemption price equal to their principal amount on or after December 15, 2017. Torchmark expects the offering of the debentures to close on September 24, 2012, subject to the satisfaction of customary closing conditions. The net proceeds of the offering are expected to be used to redeem all of the $120 million of 7.10% Trust Originated Preferred Securities® due 2046.

The offering of the Senior Notes is being made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from:

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