Torchmark Prices
Junior Subordinated Debentures Offering
MCKINNEY, Texas, March 30, 2016 -- Torchmark Corporation (NYSE:
TMK) announced today that it has priced an offering of $300 million in aggregate principal amount of its
6.125% Junior Subordinated Debentures that will mature in 2056. The
debentures are redeemable, in whole or in part, at a redemption
price equal to their principal amount on or after June 15, 2021, or earlier under certain
circumstances. Torchmark expects the offering of the debentures to
close on April 5, 2016, subject to
the satisfaction of customary closing conditions. The net proceeds
of the offering are expected to be used to redeem all of the
$250 million of 6.375% Senior Notes
due 2016 and for general corporate purposes.
The debentures are being offered pursuant to an effective shelf
registration statement previously filed with the Securities and
Exchange Commission ("SEC"), and a preliminary prospectus
supplement and accompanying prospectus describing the terms of the
offering have been filed with the SEC. Copies of the preliminary
prospectus supplement and accompanying prospectus relating to the
offer and sale of the debentures may be obtained for free by
visiting EDGAR on the SEC Web site at http://www.sec.gov/.
Alternatively, copies may be obtained from:
Merrill Lynch, Pierce, Fenner & Smith, Incorporated
222 Broadway
New York, NY 10038
Attn: Prospectus Department
1-800-294-1322
Morgan Stanley & Co. LLC
180 Varick Street
New York, NY 10014
Attention: Prospectus Department
1-866-718-1649
Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402
Attn: WFS Customer Service
1-800-645-3751
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the debentures or any other
securities, nor will there be any sale of the debentures or any
other securities in any state or jurisdiction in which such an
offer, solicitation or sale is not permitted.
About Torchmark
Torchmark Corporation is a holding company specializing in life
and supplemental health insurance for "middle income" Americans
marketed through multiple distribution channels including direct
response, and exclusive and independent agencies. Torchmark has
several nationally recognized insurance subsidiaries. Globe Life
And Accident is a direct-response provider of life insurance known
for its administrative efficiencies. American Income Life provides
individual life insurance to working families. Liberty National Life is one of the oldest
traditional life insurers in the Southeast. United American is a
consumer-oriented provider of supplemental life and health
insurance. Family Heritage Life provides individual supplemental
health insurance.
Caution Regarding Forward-Looking
Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws. These prospective
statements reflect management's current expectations, but are not
guarantees of future performance. Accordingly, please refer to
Torchmark's cautionary statement regarding forward-looking
statements, and the business environment in which the Company
operates, contained in the Company's Form 10-K for the year ended
December 31, 2015, and any subsequent
Forms 10-Q on file with the Securities and Exchange Commission.
Torchmark specifically disclaims any obligation to update or revise
any forward-looking statement because of new information, future
developments or otherwise.
SOURCE Torchmark Corporation