An insurer has raised $1 billion in capital by selling 30-year surplus notes through a private placement.

The insurer, Pacific Life Insurance Company, Newport Beach, Calif., says the notes will pay an interest rate of 9.25%.

Pacific Life will use the proceeds from the offering for general corporate purposes, the company says.

“As evidenced by the strong interest in the offering, investors have confidence in Pacific Life’s strength and longevity as a top-tier insurance company,” Pacific Life Chairman James Morris says in a statement.