National Life Insurance Company $128 Million Surplus Notes Reopening

Davis Polk advised the initial purchasers in connection with the offering by National Life Insurance Company of an additional $127.943 million of its existing 5.250% fixed-to-floating-rate surplus notes due 2068. The surplus notes were sold in an offering exempt from registration pursuant to Rule 144A and are a reopening of an offering of $372 million of such notes issued in July 2018.

National Life is a life insurance company founded in 1848 in Montpelier, Vermont, and licensed to conduct business in all 50 states and the District of Columbia. National Life operates as a unified organization under the trade name of National Life Group, which includes National Life, Life Insurance Company of the Southwest, and their affiliates. National Life Group is a diversified financial services company and one of the fastest growing life insurers in the United States.

The Davis Polk corporate team included partner Derek Dostal and associates Cameron C. Lewis and Sana Bargach. Partner Mario J. Verdolini and associate Liang Zhang provided tax advice. Counsel Charles Shi provided executive compensation advice. All members of the Davis Polk team are based in the New York office.