PORTLAND, Ore.--(BUSINESS WIRE)--StanCorp Financial Group, Inc. (StanCorp) announced that it will redeem 100% of its Fixed-to-Floating Rate Income Capital Obligation Notes® due June 1, 2067 (the “ICONs”). The outstanding principal amount of the ICONs was $252.9 million on September 27, 2017.
The ICONs will be redeemed at par on December 1, 2017. StanCorp stated that the total amount to be paid on redemption includes the outstanding principal amount of the ICONs, plus accrued and unpaid interest of approximately $2.4 million.
Notice will be delivered to holders of the ICONs in accordance with the terms outlined in the ICONs’ prospectus. The ICONs will no longer be outstanding after the redemption date, and other than the rights of holders to receive payment of the redemption amount of the ICONs, all rights with respect to the ICONs will cease to accrue on the redemption date.
StanCorp Financial Group, Inc., through its subsidiaries marketed as The Standard — Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, StanCorp Mortgage Investors, StanCorp Investment Advisers, StanCorp Real Estate and StanCorp Equities — is a leading provider of financial products and services. StanCorp’s subsidiaries offer group and individual disability insurance, group life and accidental death and dismemberment insurance, group dental and group vision insurance, absence management services, retirement plans products and services, individual annuities, and origination and servicing of fixed-rate commercial mortgage loans. For more information about StanCorp, visit its investor website at www.stancorpfinancial.com.