Montpelier, VT (April 24, 2019) - National Life Insurance Company (“National Life”) today announced the pricing on April 23, 2019, of a private offering (the “Additional Notes Offering”) of $127,943,000 aggregate principal amount of 5.25% fixed-to-floating rate surplus notes due 2068 (the “Additional Notes”). The Additional Notes constituted a further issuance of the $372,057,000 aggregate principal amount of 5.25% fixed-to-floating rate surplus notes due 2068 (the “Existing Notes”) that National Life issued on July 19, 2018. The Additional Notes will have terms identical to the Existing Notes, other than the issue date, offering price, the first interest payment date and the first date from which interest will accrue, and will be fungible with each of the Existing Notes. The offering is expected to close on April 30, 2019, subject to customary closing conditions.
The Additional Notes are being offered in a private offering exempt from the registration requirements of the United States Securities Act of 1933, as amended (the “Securities Act”). The Additional Notes are being offered only to qualified institutional buyers pursuant to Rule 144A and to certain persons outside the United States pursuant to Regulation S, each under the Securities Act.
The Additional Notes have not been registered under the Securities Act and may not be offered or sold within the United States absent registration or an applicable exemption from the registration requirements.
This announcement is not an offer to sell or purchase with respect to the Additional Notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful. The Additional Notes Offering is only being made pursuant to the terms of the offering memorandum provided to prospective investors.
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About National Life
National Life Insurance Company (National Life) is a life insurance company founded in 1848 in Montpelier, Vermont, and licensed to conduct business in all 50 states and the District of Columbia. National Life operates as a unified organization under the trade name of National Life Group, which includes National Life, Life Insurance Company of the Southwest, and their affiliates. National Life Group is a diversified financial services company and one of the fastest growing life insurers in the United States.
This press release may contain “forward-looking statements.” These forward-looking statements include, but are not limited to, the completion of the proposed Additional Notes Offering. Forward-looking statements include, but are not limited to, statements that represent National Life’s beliefs concerning future operations, strategies, financial results or other developments, and contain words and phrases such as “may,” “expects,” “should” or similar expressions. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond National Life’s control or are subject to change, actual results could be materially different and National Life’s results of operations, its financial condition and its liquidity could be adversely affected. Consequently, such forward-looking statements should be regarded solely as National Life’s current plans, estimates and beliefs. National Life does not intend, and does not undertake, any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.
Contact: Ross Sneyd, corporate communications, National Life Group, 802.229.3866.
National Life Group® is a trade name of National Life Insurance Company, founded in Montpelier, Vt., in 1848, Life Insurance Company of the Southwest, Addison, Texas, chartered in 1955, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York.