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Nationwide To Tap Wall Street

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A major player in the life insurance, retirement and annuity markets is getting ready to raise cash.

Nationwide Financial Services Inc., Columbus, Ohio, says it has priced and will issue a public offering of $400 million in fixed-to-floating rate junior subordinated notes.

The notes pay a fixed rate of 6.75% for 30 years, then are set to pay a rate that will be 2.33 percentage points greater than the 3-month London Interbank Offered Rate.

Nationwide can redeem the notes at face value on or after May 15, 2037.

Nationwide will use some of the proceeds to redeem $300 million in senior notes that pay an interest rate of 8%. Those notes are due in 2027, Nationwide says.