Reinsurance Group of America Inc. (RGA) is issuing $400 million in senior secured notes.

RGA, Chesterfield, Mo. (NYSE:RGA), says the notes will be due in 2021, have an issue price of 99.447%, and pay a fixed interest rate of 5%.

RGA is selling the bonds through a public offering and expects to complete the sale May 27.

RGA will use some of the proceeds to pay off $200 million senior notes that mature in December, and it will use the rest for general corporate purposes, the company says.

In other capital markets news, the board of UnitedHealth Group Inc., Minnetonka, Minn., has authorized the repurchase of 110 million shares of UnitedHealth’s 1.1 billion outstanding shares of common stock.

UnitedHealth had authority to repurchase 28 million shares left in its old share repurchase program, which was approved in February 2010.

- Allison Bell

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