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September 09, 2010 at 08:00 PM
Good reviews may have helped Unum Group Corp. (NYSE:UNM) sell more debt securities than it originally had expected to issue.
Unum, Chattanooga, Tenn., says the securities are senior notes due in 2020 that pay an interest rate of 5.625%.
Unum ended up offering $400 million in notes; originally, it had expected to sell notes with a total principal amount of just $300 million.
Unum can issue a “make whole call” to redeem the notes at any time at a discount rate of Treasury plus 45 basis points.
The offering received a rating of Baa3 from Moody’s Investors Service, New York; BBB minus from Standard & Poor’s Ratings Services, New York; and BBB from Fitch, New York.
The agencies all said their ratings on Unum are stable.
S&P, for example, says it expects the soft economy to increase Unum’s disability claim incidence somewhat but that increasing diversification should help the company’s overall claims experience.
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