The Firm represented the initial purchasers, led by Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc., in connection with a Rule 144A/Regulation S offering by Symetra Life Insurance Company (“Symetra”) of $500 million aggregate principal amount of 6.550% Surplus Notes due 2055. Symetra intends to use the net proceeds from the offering for general corporate purposes, which may include funding a portion of the consideration for Symetra’s acquisition of Dearborn Life Insurance Company’s group life and disability business, working capital and other business opportunities.
Symetra is a stock life insurance company domiciled in the state of Iowa. Symetra’s operations date back to 1957, and many of its distribution relationships have been in place for decades. Symetra is a wholly owned subsidiary of Symetra Financial Corporation.
The Simpson Thacher team included David Azarkh, John O’Connell, Jessica Ryan and Cara Capoccitti (Capital Markets); Jon Cantor and Benjamin Bressler (Tax); Jamin Koslowe (Executive Compensation and Employee Benefits); Steven DeLott (Insurance); Christine Tillema (Regulatory); Corina Holland (Intellectual Property); and Jennie Getsin (Blue Sky).