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:
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV