Sumitomo Life Insurance Company has successfully issued US$1.2b in subordinated notes, marking a significant financial manoeuvre for the Japanese insurer. The 5.875% step-up callable notes, due in 2055, have been listed on the Singapore Stock Exchange. Skadden, Arps, Slate, Meagher & Flom LLP, a prominent law firm, advised the underwriters on this substantial offering.
The issuance of these notes is a strategic move by Sumitomo Life, a private life insurance company in Japan, known for its comprehensive range of individual and group life insurance products, annuities, and other insurance offerings. The funds raised are expected to bolster the company’s financial flexibility and support its long-term growth objectives.
The legal team from Skadden’s Tokyo office played a pivotal role in this transaction. Their expertise ensured the smooth execution of the offering, which is a testament to Skadden’s strong presence in the Asia Pacific region.
This financial development not only highlights Sumitomo Life’s robust market position but also underscores the growing importance of the Singapore Stock Exchange as a hub for significant financial transactions. The successful issuance of these notes is likely to enhance Sumitomo Life’s capital structure and support its future endeavours in the insurance sector.
