Jackson Announces Pricing of Depositary Shares Offering
March 06 2023 - 5:48PM
Business Wire
Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) today announced
the pricing of a $550 million offering of 22,000,000 depositary
shares, each representing a 1/1,000th interest in a share of its
Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A,
$25,000 liquidation preference per share (equivalent to $25 per
depositary share), with a 5-year call/dividend rate reset period
and noncumulative dividends. The underwriters have the option to
purchase up to an additional 2,000,000 depositary shares to cover
over-allotments, if any. Jackson intends to list the Depositary
Shares on the NYSE under the symbol “JXN PR A.” The offering is
expected to close March 13, 2023, subject to customary closing
conditions.
Jackson intends to use the net proceeds of the offering and cash
on hand for the repayment of the $600 million outstanding principal
amount of its senior notes maturing in November 2023. Pending that
use, it may invest the proceeds in short-term, interest-bearing
securities.
Wells Fargo Securities, BofA Securities, J.P. Morgan and Morgan
Stanley are acting as joint book-running managers for the
offering.
Jackson has filed an effective shelf-registration statement
(including a prospectus) with the U.S. Securities and Exchange
Commission (SEC) for the offering to which this press release
relates. Before you invest, you should read the prospectus
supplement and the accompanying prospectus relating to the
depositary shares filed as a part of that shelf registration
statement and other documents Jackson has filed with the SEC for
more complete information about Jackson and the offering of
depositary shares. You may get these documents for free by visiting
EDGAR on the SEC website at www.sec.gov or upon request to Wells
Fargo Securities, LLC toll-free at +1 (800) 645-3751; BofA
Securities, Inc. toll-free at +1 (800) 294-1322; J.P. Morgan
Securities LLC collect at +1 (212) 834-4533; or Morgan Stanley
& Co. LLC toll-free at +1 (866) 718-1649.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the depositary shares or any other
security and shall not constitute an offer, solicitation or sale in
any state or jurisdiction in which, or to any persons to whom, such
an offer, solicitation or sale would be unlawful.
ABOUT JACKSON
Jackson® (NYSE: JXN) is committed to helping clarify the
complexity of retirement planning—for financial professionals and
their clients. Our range of annuity products, financial know-how,
history of award-winning service* and streamlined experiences
strive to reduce the confusion that complicates retirement
planning. We take a balanced, long-term approach to responsibly
serving all of our stakeholders, including customers, shareholders,
distribution partners, employees, regulators and community
partners. We believe by providing clarity for all today, we can
help drive better outcomes for tomorrow.
*SQM (Service Quality Measurement Group) Contact Center Awards
Program for 2004 and 2006-2022. (To achieve world-class
certification, 80% or more of call-center customers surveyed must
have rated their experience as very satisfied, the highest rating
possible).
Jackson® is the marketing name for Jackson Financial Inc.,
Jackson National Life Insurance Company® (Home Office: Lansing,
Michigan) and Jackson National Life Insurance Company of New York®
(Home Office: Purchase, New York).
SAFE HARBOR STATEMENT
The information in this press release contains forward-looking
statements about future events and circumstances and their effects
upon revenues, expenses and business opportunities. Generally
speaking, any statement in this release not based upon historical
fact is a forward-looking statement. Forward-looking statements can
also be identified by the use of forward-looking or conditional
words, such as “could,” “should,” “can,” “continue,” “estimate,”
“forecast,” “intend,” “look,” “may,” “will,” “expect,” “believe,”
“anticipate,” “plan,” “remain,” “confident” and “commit” or similar
expressions. In particular, statements regarding plans, strategies,
prospects, targets and expectations regarding the business and
industry are forward-looking statements. They reflect expectations,
are not guarantees of performance and speak only as of the dates
the statements are made. We caution investors that these
forward-looking statements are subject to known and unknown risks
and uncertainties that may cause actual results to differ
materially from those projected, expressed, or implied. Factors
that could cause actual results to differ materially from those in
the forward-looking statements include those reflected in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2022 and other reports filed with the U.S. Securities
and Exchange Commission. Except as required by law, Jackson
Financial Inc. does not undertake to update such forward-looking
statements. You should not rely unduly on forward-looking
statements.
1 Jackson Financial Inc. is a U.S. holding company and the
direct parent of Jackson Holdings LLC (JHLLC). The wholly-owned
subsidiaries of JHLLC include Jackson National Life Insurance
Company, Brooke Life Insurance Company, PPM America, Inc. and
Jackson National Asset Management, LLC.
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version on businesswire.com: https://www.businesswire.com/news/home/20230306005843/en/
Media Contact: Patrick Rich patrick.rich@jackson.com
Investor Relations Contact: Andrew Campbell
andrew.campbell@jackson.com
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