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Aflac To Issue Notes

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Another insurer is testing the Wall Street cash spigot.

Aflac Inc., Columbus, Ga., says it has priced $850 million of 10-year senior notes with a coupon of 8.5%.

Aflac plans to use the proceeds from the note sale to complete the process of refinancing senior notes that matured in April.

Aflac repaid the notes using a loan from a subsidiary, American Family Life Assurance Company of Columbus.

“We will primarily use the proceeds from the debt issuance we announced today to repay the intra-company loan,” Aflac President Kriss Cloninger III says in a statement.

Earlier this month, Principal Financial Group Inc., Des Moines, Iowa, and Protective Life Corp., Birmingham, Ala., announced efforts to tap Wall Street by issuing common stock.