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

The deal featured $400 million of 2.65% coupon, five-year notes priced to yield 2.669%, or 185 basis points over Treasurys, and $350 million of 4% coupon, 10-year bonds priced to yield 4.022%, or 205 basis points over Treasurys.

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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