The parent of Standard Insurance Company is issuing $300 million in notes and authorizing the repurchase of about $250 million worth of company stock.
StanCorp Financial Group Inc., Portland, Ore., says it has priced an offering of $300 million of fixed-to-floating rate income capital obligation notes, or "ICONs," that will be due in 2067.
StanCorp plans to use $50 million to have a real estate subsidiary buy real estate from Standard Insurance, and it will use most of the rest of the cash to pay for the stock repurchase, the company says.
