Guardian Completes $350 Million Surplus Notes Offering

February 9, 2017

Willkie represented the initial purchasers.

On January 24, The Guardian Life Insurance Company of America completed a private offering of $350 million aggregate principal amount of 4.850% surplus notes due January 24, 2077.  Willkie represented the initial purchasers, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.  The surplus notes are unsecured debt obligations of Guardian. All payments of interest on or principal of the surplus notes, and any redemption payment, may be made only with the prior approval of the Superintendent of the New York State Department of Financial Services.

Founded in 1860, Guardian is one of the nation’s largest U.S. mutual life insurers. Guardian primarily operates in the ordinary life insurance business, but also provides, directly or through its subsidiaries, a wide range of group, disability, and wealth management and retirement savings products and services, as well as investment services. Guardian provides its products and services to individuals, corporations and other institutions in all 50 states and the District of Columbia.

The deal was handled by partners John Schwolsky and Benjamin Nixon and associates Ginger Ellison and Ransel Potter. Partner Anthony Carbone and associate Kapiljeet Dargan advised on tax matters, partner Allison Tam and associate Marisa Matays advised on insurance regulatory matters, partner Peter Haller advised on ERISA matters and counsel Martin Miller advised on blue sky matters.