The parent of Standard Insurance Company is issuing $300 million in notes and authorizing the repurchase of about $250 million worth of company stock.

StanCorp Financial Group Inc., Portland, Ore., says it has priced an offering of $300 million of fixed-to-floating rate income capital obligation notes, or “ICONs,” that will be due in 2067.

StanCorp plans to use $50 million to have a real estate subsidiary buy real estate from Standard Insurance, and it will use most of the rest of the cash to pay for the stock repurchase, the company says.

The StanCorp board has voted to authorize the purchase of up to 6 million shares of StanCorp common stock through the repurchase program.

The new program will expire at the end of 2008.

StanCorp previously used a 3 million-share repurchase program to buy back about 1.8 million shares of common stock between December 2005 and May 2007 at an average price of about $46 per share, the company says.