Unum’s $450 Million Offering and $450 Million Tender Offer

September 17, 2019

Cleary Gottlieb is representing HSBC Securities (USA) Inc., BofA Merrill Lynch, Goldman Sachs & Co. LLC, and Wells Fargo Securities LLC, as joint lead managers and joint dealer managers, in an offering by Unum Group (Unum).

On September 5, 2019, Unum sold $450 million aggregate principal amount of 4.5% senior notes due 2049 and announced the commencement of a tender offer to purchase, for cash, a combined aggregate purchase price of up to $450 million aggregate principal amount of five series of outstanding securities of the company, including one series of capital securities issued by a trust.

The notes offering closed on September 11, 2019, while the tender offer had an early tender deadline of September 17, 2019, and an expiration date of October 1, 2019.

Unum is a leading provider of financial protection benefits in the United States and the United Kingdom, and the leading provider of disability income protection in the world. Its primary businesses are Unum US, Colonial Life, Unum UK, and Unum Poland. Unum’s portfolio includes disability, life, accident and critical illness, dental, and vision coverage, which help protect millions of working people and their families in the event of an illness or injury. It also provides stop-loss coverage to help self-insured employers protect against unanticipated medical costs.