Pacific Life Insurance Company Announces Pricing of Private Placement of $750 Million Aggregate Principal Amount of 5.95% Surplus Notes Due 2055

Business Wire

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--
Pacific Life Insurance Company (the “Company”) today announced the pricing of $750 million aggregate principal amount of 5.95% surplus notes due 2055 (the “notes”) which represents a 105 basis points credit spread over the 30-year U.S. Treasury rate. The notes have been offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act. The Company plans to use the net proceeds of the private placement for general corporate purposes. Any payment of principal or interest on the notes will be made from the Company’s available surplus funds, as defined under Nebraska law, and only with the prior approval of the Director of the Nebraska Department of Insurance.

The notes have not been registered under the Securities Act or under any state securities laws. Therefore, the Company may not offer or sell the notes within the United States to, or for the account or benefit of, any United States person unless the offer or sale would qualify for a registration exemption from the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the notes or any other securities nor does it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

FORWARD-LOOKING STATEMENTS

This announcement contains forward-looking statements that are intended to enhance your ability to assess the Company’s future financial and business performance. These statements are based on the beliefs and assumptions of the Company’s management, and are subject to risks and uncertainties. Generally, statements that are not about historical facts, including statements concerning the Company’s possible or assumed future actions or results of operations are forward-looking statements. Forward-looking statements include, but are not limited to, statements that represent the Company’s beliefs concerning future operations, strategies, financial results or other developments, and contain words and phrases such as “may,” “believes,” “intends,” “anticipates,” “plans,” “estimates,” “expects,” “projects,” “should” or similar expressions.

Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Pacific Life. There can be no assurance that future developments affecting Pacific Life will be those anticipated by management and Pacific Life makes no representation or warranty that any projection, calculation, forward-looking statement, assumption or estimate will be achieved. Actual results could differ materially from the expectations expressed by the forward-looking statements.

Pacific Life does not intend, and is under no obligation, to update any particular forward-looking statement or other information included in this announcement.

About Pacific Life

Pacific Life provides a variety of products and services designed to help individuals and businesses in the retail, institutional, workforce benefits, and reinsurance markets achieve financial security. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative life insurance and annuity solutions, as well as mutual funds, that provide value and financial security for current and future generations. Supporting our policyholders for nearly 160 years, Pacific Life is a Fortune 500 company headquartered in Newport Beach, California. For additional information, including current financial strength ratings, visit www.PacificLife.com.