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.