Aflac Incorporated Completes $400 Million Fixed-Spread Waterfall Cash Tender Offer

December 20, 2016

Aflac Incorporated completed a fixed-spread waterfall cash tender offer for up to $400 million aggregate purchase price of its 6.900% senior notes due 2039 and 6.45% senior notes due 2040. The offer launched on December 5 and provided for an early tender premium for holders who tendered by December 16. The offer, which provided for early settlement, was oversubscribed.

S&C represented Goldman, Sachs & Co., Wells Fargo Securities, Mizuho Securities and SMBC Nikko as dealer managers. The S&C team was led by Marion Leydier, along with Richard Kahn. Eric Wang advised on tax matters.