|[January 22, 2013]
Pacific Life Insurance Company Announces Early Settlement of Tender Offer
NEWPORT BEACH, Calif. --(Business Wire)--
Pacific Life Insurance Company ("Pacific Life") today announced the
exercise of its early settlement right for all of its 9.25% Surplus
Notes due 2039 (the "Notes") tendered at or prior to the early tender
time in connection with its previously announced cash tender offer.
$322,793,000 aggregate principal amount of the Notes were tendered by
the early tender time, which was 5:00 p.m., New York City time, on
January 15, 2013. All of such tendered Notes were accepted for payment
and settlement was made on January 22, 2013.
Holders of the $322,793,000 aggregate principal amount of Notes that
have been accepted for purchase will receive the Full Tender Offer
Consideration (as defined in the Offer to Purchase described below),
which amounts to a total of $1,478.68 per $1,000 principal amount of the
Notes, plus accrued and unpaid interest.
The terms and conditions of the offer are described in the offer to
purchase, dated January 2, 2013 (the "Offer to Purchase") and the
related letter of transmittal (the "Letter of Transmittal" and, together
with the Offer to Purchase, the "Offer Documents") sent to holders of
the Notes. he offer will expire at 11:59 p.m., New York City time, on
January 30, 2013, unless extended or earlier terminated by Pacific Life.
Goldman, Sachs & Co., Barclays Capital Inc. and Credit Suisse Securities
(USA) LLC are acting as dealer managers for the offer. For additional
information regarding the terms of the offer, please contact: Goldman,
Sachs & Co. at (800) 828-3182 (toll-free) or (212) 902-5183 (collect),
Barclays Capital Inc. at (800) 438-3242 (toll-free) or (212) 528-7581
(collect) or Credit Suisse Securities (USA) LLC at (800) 820-1653
(toll-free) or (212) 538-2147 (collect). Requests for the Offer
Documents may be directed to Global Bondholder Services, which is acting
as the Depositary and Information Agent for the offer, at 866-795-2200
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN
OFFER OR SOLICITATION TO PURCHASE NOTES. THE OFFER IS BEING MADE SOLELY
PURSUANT TO THE OFFER DOCUMENTS, WHICH SET FORTH THE COMPLETE TERMS OF
THE OFFER THAT HOLDERS OF THE NOTES SHOULD CAREFULLY READ PRIOR TO
MAKING ANY DECISION.
THE OFFER DOCUMENTS DO NOT CONSTITUTE AN OFFER OR SOLICITATION TO
PURCHASE NOTES IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO
OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER
APPLICABLE SECURITIES OR BLUE SKY LAWS. IN ANY JURISDICTION IN WHICH THE
SECURITIES, BLUE SKY OR OTHER LAWS REQUIRE THE OFFER TO BE MADE BY A
LICENSED BROKER OR DEALER, THE OFFER WILL BE DEEMED TO BE MADE ON (News - Alert) BEHALF
OF PACIFIC LIFE BY ONE OR MORE OF THE DEALER MANAGERS, IF ANY OF THE
DEALER MANAGERS ARE LICENSED BROKERS OR DEALERS UNDER THE LAWS OF SUCH
JURISDICTION, OR BY ONE OR MORE REGISTERED BROKERS OR DEALERS THAT ARE
LICENSED UNDER THE LAWS OF SUCH JURISDICTION.
About Pacific Life
Offering insurance since 1868, Pacific Life provides 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. Pacific Life and its affiliates count more than half
of the 100 largest U.S. companies as their clients. Client count as of
May 2012 is compiled by Pacific Life using the 2012 FORTUNE 500® list.
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