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.