RGA prices offering of shares as it seeks some $500m in new cash

Reinsurance Group of America has priced its offering of common stock. The reinsurer is issuing 6.17 million shares at a public offering price of $81 per share. It expects to raise in the region of $500 million from the offering.

RGA said it expects to use the net proceeds from the offering for general corporate purposes. It has granted the underwriters a 30-day option to purchase up to 925,926 additional shares of the common stock at the public offering price less an underwriting discount. The offering is expected to close June 5, 2020, subject to customary closing conditions.

Barclays and JP Morgan are acting as the joint lead book-running managers for the offering. Citigroup, Credit Suisse, Goldman Sachs & Co and RBC Capital Markets are acting as the joint book-running managers for the offering. Dowling & Partners Securities, LLC and Keefe, Bruyette & Woods, A Stifel Company are acting as the co-managers for the offering.