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Torchmark, Torchmark Capital Trust I and Torchmark Capital Trust II Announce Redemption of 7 3/4% Trust Preferred Securities
Torchmark Corporation (NYSE: TMK) and its Delaware business trusts, Torchmark Capital Trust I (NYSE: TMKPRT) and Torchmark Capital Trust II (NYSE: TMKPRS) announced today that Torchmark Capital Trusts I and II will redeem all their outstanding 7 3/4% Trust Preferred Securities on November 2, 2006. Torchmark Capital Trust I currently has 5,000,000 securities outstanding and Torchmark Capital Trust II currently has 1,000,000 securities outstanding. The redemption price will be the liquidation amount of $25.00 per share plus an accrued but unpaid dividend payment to the redemption date of $0.0054 per share for a total payment of $25.0054 per share. Because all the Trust Preferred Securities are held through the Book-Entry Only Issuance System at Depository Trust Company (DTC), DTC will notify holders.
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 labor union members. Liberty National Life, one of the oldest traditional life insurers in the Southeast, is the largest life insurer in its home state of Alabama. United American is a consumer-oriented provider of supplemental health insurance.
SOURCE: Torchmark Corporation
CONTACT: Joyce Lane, Vice President, Investor Relations of Torchmark
Web site: http://www.torchmarkcorp.com/
Company News On-Call: http://www.prnewswire.com/comp/885425.html
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