DUFF & PHELPS: THE NWNL COMPANIES, INC. $120 MILLION SENIOR NOTES RATED 'A'
CHICAGO, Aug. 27 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has rated The NWNL Companies, Inc.'s $120 million 10-year senior note issue "A" (Single-A). The senior notes were issued at a fixed rate of 6.625 percent and are noncallable until maturity Sept. 15, 2003. The net proceeds from the sale of securities will used to retire $100 million in 10.25 percent senior notes in March of 1994 and repay $20 million in bank debt used in connection with the ESOP in 1991. The debt securities issued are unsecured obligations ranking equally and ratably with other unsecured and unsubordinated indebtedness of The NWNL Companies, Inc. The NWNL companies Inc. is a Minneapolis-based insurance holding company that through its principle subsidiaries, Northwestern National Life Insurance company, Northern Life Insurance Company, and North Atlantic Life Insurance Company offers individual life insurance and annuity products and empy?ee benefits products. NWNL Companies, Inc. had consolidated assets of $9.5 billion and stockholder's equity of $702 million at June 30, 1993. -0- 8/27/93 /CONTACT: Martha M. Butler, CFA, Duff & Phelps Credit Rating Co., 312-368-3191/ (NWN)
CO: NWNL Companies, Inc. ST: Minnesota IN: FIN SU: RTG
LG -- NY019 -- 6548 08/27/93 10:37 EDT
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|Date:||Aug 27, 1993|
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