Reinsurance Group of America prices $400 million 6.375% subordinated debentures due 2056
On March 3, 2026, Reinsurance Group of America completed a $400 million offering of 6.375% fixed-rate reset subordinated debentures due 2056, with net proceeds of about $396 million before expenses. The debt is unsecured and ranks junior to the company's senior indebtedness, and the company says it plans to use the proceeds for general corporate purposes, which may include refinancing debt.
Key points
- $400 million principal amount issued at 100% of principal; net proceeds of about $396 million after underwriting discounts and before expenses.
- Fixed 6.375% interest until September 15, 2036, then resets to the Five-Year Treasury Rate plus 2.344%; matures September 15, 2056.
- Interest paid semi-annually on March 15 and September 15, beginning September 15, 2026; redeemable under certain conditions, including a par call period before each reset date.
- Offering was made under a shelf registration; underwriters were BofA Securities, J.P. Morgan Securities, U.S. Bancorp Investments and Wells Fargo Securities.
The filing
Written by AI on Nov 8, 2026, 1:11 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 03, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.