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AFL > SEC Filings for AFL > Form 8-K on 12-Jun-2013All Recent SEC Filings

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Form 8-K for AFLAC INC


12-Jun-2013

Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation o


ITEM 1.01 Entry into a Material Definitive Agreement

On June 10, 2013, Aflac Incorporated (the "Company") issued $700 million aggregate principal amount of its 3.625% Senior Notes due 2023 (the "Notes"). The Notes were offered by the Company in a public offering pursuant to the Company's Registration Statement on Form S-3 (No. 333-181089) (the "Registration Statement"), prospectus dated May 1, 2012, and related prospectus supplement dated June 3, 2013. The sale of the Notes was made pursuant to the terms of an underwriting agreement, dated June 3, 2013, by and among the Company and Goldman, Sachs & Co., Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters included on Schedule 1 thereto. The Company anticipates using the net proceeds from the sale of the Notes to repay, redeem or repurchase one or more of the Company's (i) 28.7 billion aggregate principal amount of 1.47% Samurai notes due July 2014, (ii) 5.5 billion aggregate principal amount of variable interest rate Samurai notes due July 2014 (which bear interest at an annual rate of 1.32% as of March 31, 2013) and (iii) $300 million aggregate principal amount of 3.45% senior notes due August 2015, in each case, in whole or in part. The balance of the net proceeds is expected to be used for general corporate purposes, including capital contributions to subsidiaries, if needed.

The Notes bear interest at a rate of 3.625% per annum and mature on June 15, 2023. Interest on the Notes is payable semi-annually in arrears on June 15 and December 15 each year, beginning on December 15, 2013. The Notes will be redeemable at the option of the Company in whole at any time or in part from time to time at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed or (ii) an amount equal to the sum of the present values of the remaining scheduled payments for principal and interest on the Notes to be redeemed, discounted to the redemption date; plus in each case accrued and unpaid interest. The Notes are general unsecured obligations and rank equally in right of payment with any of the Company's existing and future unsecured senior indebtedness.

The Notes were issued under an indenture, dated as of May 21, 2009 (the "Base Indenture"), between the Company, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"), as supplemented by an eighth supplemental indenture, dated as of June 10, 2013 (the "Eighth Supplemental Indenture" and, together with the Base Indenture, the "Indenture"), between the Company and the Trustee. The Indenture provides for customary events of default, including, among other things, nonpayment, failure to comply with the other agreements in the Indenture for a period of 90 days, and certain events of bankruptcy, insolvency and reorganization.

The description of the Indenture set forth above is qualified in its entirety by reference to the full text of each of the Base Indenture, a copy of which is attached as Exhibit 4.1 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on May 21, 2009, and the Eighth Supplemental Indenture (including the form of Notes included therein), a copy of which is attached hereto as Exhibit 4.1, each of which is incorporated herein by reference.

In connection with the issuance and sale by the Company of the Notes, the Company is filing exhibits as part of this Current Report on Form 8-K that are to be incorporated by reference in their entirety into the Registration Statement.



ITEM 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

See the description regarding the Company's issuance and sale of the Notes contained in Item 1.01 above, which is incorporated herein by reference.




ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits.

  4.1     -    Eighth Supplemental Indenture, dated as of June 10, 2013, between
               Aflac Incorporated and The Bank of New York Mellon Trust Company,
               N.A., as trustee (including the form of 3.625% Senior Note due 2023).


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