AFLAC INC (AFL): debt financing — Aflac issues $2B in Pre-Capitalized Trust Securities (P-Caps) for contingent funding

the 2055 Trust completed the issuance and sale of 1,000,000 of its Pre-Capitalized Trust Securities redeemable August 15, 2055 (the “2055 P-Caps” and, together with the 2035 P-Caps, the “P-Caps”) for an aggregate purchase price of $1,000,000,000, as a contingent funding arrangement with a 1.1218 % facility fee per annum that provides the Company the right at any time over a thirty-year period to issue and require the 2055 Trust to purchase up to $1,000,000,000 aggregate principal amount of the Company’s 5.991% Senior Notes due 2055 (the “2055 Senior Notes” and, together with the 2035 Senior Notes, the “Senior Notes”), pursuant to the Facility Agreement, dated the Closing Date (the “2055 Facility Agreement” and, the 2035 Facility Agreement and the 2055 Facility Agreement, each a “Facility Agreement”), among the Company, the 2055 Trust and The Bank of New York Mellon Trust Company, N.A., as notes trustee for the 2055 Senior Notes.

the 2035 Trust completed the issuance and sale of 1,000,000 of its Pre-Capitalized Trust Securities redeemable August 15, 2035 (the “2035 P-Caps”) for an aggregate purchase price of $1,000,000,000, as a contingent funding arrangement with a 0.9875 % facility fee per annum that provides the Company the right at any time over a ten-year period to issue and require the 2035 Trust to purchase up to $1,000,000,000 aggregate principal amount of the Company’s 5.251% Senior Notes due 2035 (the “2035 Senior Notes”), pursuant to the Facility Agreement, dated the Closing Date (the “2035 Facility Agreement”), among the Company, the 2035 Trust and The Bank of New York Mellon Trust Company, N.A., as notes trustee for the 2035 Senior Notes.