Aflac Inc. (AFL) plans to issue $750 million of bonds in a two-part offering to the U.S. credit markets Wednesday, according to a person familiar with the matter.

The deal features five- and 10-year bonds.

The bonds are expected to be rated A3 by Moody's Investors Service and A-minus by Standard & Poor's and Fitch Ratings. They are registered with the Securities and Exchange Commission.

The Columbus, Ga., health and life insurance holding company will use the proceeds to redeem $347 million of outstanding Samurai notes -- yen-denominated notes -- maturing in June, and for general corporate purposes.

Goldman Sachs Group and J.P. Morgan are leading the sale.

-By Patrick McGee, Dow Jones Newswires; 212-416-2382; patrick.mcgee@dowjones.com

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