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Pacific Life Announces Extension of Revolving Credit Facilities for Co-Borrowers
NEWPORT BEACH, Calif. – June 29, 2021 – Pacific Life today announced it has successfully amended and extended two existing revolving credit facilities for Pacific LifeCorp and Pacific Life Insurance Company into a single unified $1 billion, 5-year, co-borrowed revolving credit facility (RCF), maturing June 2026. The unified RCF replaces standalone 5-year revolving credit facilities of $600 million and $400 million for Pacific LifeCorp and Pacific Life Insurance Company, respectively, with June 2023 maturity dates. The RCF will be available to both borrowers up to the full commitment amount for general corporate purposes. Pricing for each borrower is consistent with the standalone RCFs, subject to adjustments based on any changes to the relevant borrower’s credit ratings; there are currently no borrowings outstanding on the RCF.
Citibank, N.A., Wells Fargo Securities, LLC, Credit Agricole CIB, and PNC Bank NA are Joint Bookrunners and Joint Lead Arrangers on the RCF. Citibank, N.A. is the Administrative Agent on the RCF.
“This unified RCF aligns with market standard by maximizing RCF availability for both borrowers, optimizing and streamlining administration with one bank syndicate and increasing our financial flexibility,” said Pacific Life Executive Vice President and Chief Financial Officer Darryl Button. “We appreciate the ongoing support of our lenders and their confidence in our strategy and direction.”
For further information, please visit our Investor Relations page at: www.pacificlife.com/investor-relations.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2021 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2021 is compiled by Pacific Life using the 2021 FORTUNE 500® list.