Unum Group’s $450 Million Senior Notes Offering and $450 Million Cash Tender Offer

Cleary Gottlieb is acting as counsel to HSBC Securities (USA) Inc., BofA Merrill Lynch, Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC, the joint lead managers and joint dealer managers for Unum Group on the deal.

Unum Group (NYSE: UNM) sold $450 million aggregate principal amount of 4.500% 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 senior notes offering will close on September 11, 2019, while the Offer has an early tender deadline of September 17th and an expiration date of October 1st.

Unum Group 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. Unum also provides stop-loss coverage to help self-insured employers protect against unanticipated medical costs.

The Cleary Gottlieb team includes partner David Lopez (Picture), senior attorney Elizabeth Chang, associate Jessica Repond, and law clerk Max Noreng. The tax team includes counsel Doug Borisky and associate JinSol Lee. The ERISA team includes counsel Mary Alcock and associate Bobby Underwood. All lawyers are based in New York.

Involved fees earner: Mary Alcock – Cleary Gottlieb Steen & Hamilton; Scott Douglas Borisky – Cleary Gottlieb Steen & Hamilton; Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; JinSol Lee – Cleary Gottlieb Steen & Hamilton; David Lopez – Cleary Gottlieb Steen & Hamilton; Max Noreng – Cleary Gottlieb Steen & Hamilton; Jessica Repond – Cleary Gottlieb Steen & Hamilton; Bobby Underwood – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Unum Group;

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Author: Ambrogio Visconti