A large insurer is retiring some of its debt.

Aetna Inc., Hartford, says it will redeem for cash $700 million in principal owed on senior notes that pay an interest rate of 8.5% and are due 2041.

The notes will be redeemed at a price equal to 100% of the principal amount plus any interest accrued and unpaid as of June 19.

Aetna will be recording a $8 million charge in the second quarter to account for the cost of the redemption.