Amadeusz Juskowiak

Torchmark tmk sells sinking fund debentures

Torchmark Corp is raising 200 mln dlrs through an offering of sinking fund debentures due 2017 yielding 865 pct said lead manager First Boston Corp

The debentures have an 858 pct coupon and were priced at 9973 to yield 100 basis points over the offtherun 914 pct Treasury bonds of 2016

Nonrefundable for 10 years the issue is rated A2 by Moodys and AA by Standard and Poors

A sinking fund starts in 1998 to retire 76 pct of the debentures by maturity giving them an estimated maximum life of 224 years Merrill Lynch comanaged the deal