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TOKYO - Nippon Life Insurance Company announced on Tuesday it is offering €500 million in 30-year subordinated notes with a 10-year call option, according to a press release statement.
J.P. Morgan Securities plc will serve as the stabilization coordinator for the offering, alongside Citigroup, BNP Paribas, Barclays, and HSBC acting as stabilization managers. The stabilization period is expected to begin on August 26, 2025, and end no later than September 26, 2025.
The fixed-to-fixed step-up callable dated subordinated notes will be listed on the Singapore Exchange. The securities will be offered in denominations of €100,000 and integral multiples of €1,000.
As part of the stabilization process, the managers may over-allot securities by up to 5% of the aggregate nominal amount to support the market price at a level higher than might otherwise prevail. However, the press release notes that stabilization may not necessarily occur and any action may cease at any time.
The securities have not been registered under the United States Securities Act of 1933 and are not being offered in the United States. The offering is primarily directed at qualified investors outside the United Kingdom and those within the UK who have professional experience in investment matters.
The offer price for the subordinated notes has yet to be determined, according to the announcement.
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