A large disability reinsurer says it is eliminating about $400 million in debt.

UnumProvident Corp., Chattanooga, Tenn., plans to buy the debt and retire it while adjusting the interest rate paid on a total of $575 million in senior notes.

The notes, part of “adjustable conversion-rate equity security units” issued in May 2003, will pay an interest rate of 5.997% starting Feb. 15, UnumProvident says.

The rate was adjusted through a remarketing process. The notes were remarketed at a price of 100.666%, with a yield to maturity of 5.682%, UnumProvident says.

Retiring $400 million of the senior notes will leave $175 million in senior notes outstanding, UnumProvident says.