Aflac (AFL) Swaps $750 Million of Senior Notes Into Yen; Effective Lowers Interest Rate
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Aflac Incorporated (NYSE: AFL) entered into agreements with three counterparties to swap into yen the dollar-denominated senior notes issued by the company on February 10, 2012. The $400 million (par value) of five-year fixed rate, senior notes with a stated coupon of 2.65% were swapped into yen 30.9 billion with a coupon of 1.22%. The $350 million (par value) of 10-year fixed rate, senior notes with a stated coupon of 4.00% were swapped into yen 27.0 billion with a coupon of 2.07%.
Regarding the swap agreements, Aflac Incorporated President and Chief Financial Officer Kriss Cloninger III commented: "This swap arrangement significantly lowers the effective interest rate on the senior notes issued on February 10, 2012, and provides future flexibility with our capital position."
Regarding the swap agreements, Aflac Incorporated President and Chief Financial Officer Kriss Cloninger III commented: "This swap arrangement significantly lowers the effective interest rate on the senior notes issued on February 10, 2012, and provides future flexibility with our capital position."
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