Pacific Life Insurance Company Announces Early Settlement of Tender Offer

NEWPORT BEACH, Calif.--()--Pacific Life Insurance Company (“Pacific Life”) today announced the exercise of its early settlement right for all of its 9.25% Surplus Notes due 2039 (the “Notes”) tendered at or prior to the early tender time in connection with its previously announced cash tender offer. $322,793,000 aggregate principal amount of the Notes were tendered by the early tender time, which was 5:00 p.m., New York City time, on January 15, 2013. All of such tendered Notes were accepted for payment and settlement was made on January 22, 2013.

Holders of the $322,793,000 aggregate principal amount of Notes that have been accepted for purchase will receive the Full Tender Offer Consideration (as defined in the Offer to Purchase described below), which amounts to a total of $1,478.68 per $1,000 principal amount of the Notes, plus accrued and unpaid interest.

The terms and conditions of the offer are described in the offer to purchase, dated January 2, 2013 (the “Offer to Purchase”) and the related letter of transmittal (the “Letter of Transmittal” and, together with the Offer to Purchase, the “Offer Documents”) sent to holders of the Notes. The offer will expire at 11:59 p.m., New York City time, on January 30, 2013, unless extended or earlier terminated by Pacific Life.

Goldman, Sachs & Co., Barclays Capital Inc. and Credit Suisse Securities (USA) LLC are acting as dealer managers for the offer. For additional information regarding the terms of the offer, please contact: Goldman, Sachs & Co. at (800) 828-3182 (toll-free) or (212) 902-5183 (collect), Barclays Capital Inc. at (800) 438-3242 (toll-free) or (212) 528-7581 (collect) or Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll-free) or (212) 538-2147 (collect). Requests for the Offer Documents may be directed to Global Bondholder Services, which is acting as the Depositary and Information Agent for the offer, at 866-795-2200 (toll-free).

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE NOTES. THE OFFER IS BEING MADE SOLELY PURSUANT TO THE OFFER DOCUMENTS, WHICH SET FORTH THE COMPLETE TERMS OF THE OFFER THAT HOLDERS OF THE NOTES SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.

THE OFFER DOCUMENTS DO NOT CONSTITUTE AN OFFER OR SOLICITATION TO PURCHASE NOTES IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER APPLICABLE SECURITIES OR BLUE SKY LAWS. IN ANY JURISDICTION IN WHICH THE SECURITIES, BLUE SKY OR OTHER LAWS REQUIRE THE OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE OFFER WILL BE DEEMED TO BE MADE ON BEHALF OF PACIFIC LIFE BY ONE OR MORE OF THE DEALER MANAGERS, IF ANY OF THE DEALER MANAGERS ARE LICENSED BROKERS OR DEALERS UNDER THE LAWS OF SUCH JURISDICTION, OR BY ONE OR MORE REGISTERED BROKERS OR DEALERS THAT ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION.

About Pacific Life

Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life and its affiliates count more than half of the 100 largest U.S. companies as their clients. Client count as of May 2012 is compiled by Pacific Life using the 2012 FORTUNE 500® list.

Contacts

Pacific Life
Tennyson Oyler
Tel: (949) 219-3248
TOyler@PacificLife.com

Release Summary

Pacific Life announces Early Settlement of Tender Offer.

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Contacts

Pacific Life
Tennyson Oyler
Tel: (949) 219-3248
TOyler@PacificLife.com