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Torchmark Prices Junior Subordinated Debentures Offering

Mar 30, 2016

MCKINNEY, Texas, March 30, 2016 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) announced today that it has priced an offering of $300 million in aggregate principal amount of its 6.125% Junior Subordinated Debentures that will mature in 2056.  The debentures are redeemable, in whole or in part, at a redemption price equal to their principal amount on or after June 15, 2021, or earlier under certain circumstances. Torchmark expects the offering of the debentures to close on April 5, 2016, subject to the satisfaction of customary closing conditions. The net proceeds of the offering are expected to be used to redeem all of the $250 million of 6.375% Senior Notes due 2016 and for general corporate purposes.

The debentures are being offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission ("SEC"), and a preliminary prospectus supplement and accompanying prospectus describing the terms of the offering have been filed with the SEC. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offer and sale of the debentures may be obtained for free by visiting EDGAR on the SEC Web site at http://www.sec.gov.  Alternatively, copies may be obtained from:

Merrill Lynch, Pierce, Fenner & Smith, Incorporated

222 Broadway
New York, NY 10038
Attn: Prospectus Department
1-800-294-1322

Morgan Stanley & Co. LLC
180 Varick Street
New York, NY 10014
Attention: Prospectus Department
1-866-718-1649

Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, MN  55402
Attn:  WFS Customer Service
1-800-645-3751

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the debentures or any other securities, nor will there be any sale of the debentures or any other securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.

About Torchmark

Torchmark Corporation is a holding company specializing in life and supplemental health insurance for "middle income" Americans marketed through multiple distribution channels including direct response, and exclusive and independent agencies.  Torchmark has several nationally recognized insurance subsidiaries.  Globe Life And Accident is a direct-response provider of life insurance known for its administrative efficiencies.  American Income Life provides individual life insurance to working families.  Liberty National Life is one of the oldest traditional life insurers in the Southeast.  United American is a consumer-oriented provider of supplemental life and health insurance.  Family Heritage Life provides individual supplemental health insurance.

Caution Regarding Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance.  Accordingly, please refer to Torchmark's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2015, and any subsequent Forms 10-Q on file with the Securities and Exchange Commission. Torchmark specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.

 

SOURCE Torchmark Corporation


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Key Contacts

Mike Majors
Vice President, Investor Relations
(972) 569-3627
tmkir@torchmarkcorp.com

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