August 21, 2012 / 9:33 PM / 5 years ago

TEXT-Fitch expects to rate Unum Group senior debt offering

Aug 21 - Fitch Ratings expects to assign a 'BBB' rating to 
Unum Group Inc.'s (NYSE: UNM) planned $250 million 5.75% senior notes
issuance due Aug. 15, 2042. 

The new shares' rating will be equivalent to the ratings on UNM's existing 
senior debt. The net proceeds will be used for general corporate purposes. The 
offering is expected to close Aug. 23, 2012. 

At June 30, 2012, UNM's financial leverage was 23% and GAAP earnings-based 
interest coverage was approximately 10x. Pro forma financial leverage increases 
to approximately 25%. 

On Aug. 3, 2012, Fitch affirmed all of its ratings for UNM and UNM's 
subsidiaries with a Stable Outlook. 

Fitch currently rates the UNM entities as follows:

Unum Group Inc. 

--Issuer Default Rating (IDR) at 'BBB+';
--7.125% senior notes due Sept. 30, 2016 at 'BBB';
--7% senior notes due July 15, 2018 at 'BBB';
--5.625% senior notes due Sept. 15, 2020 at 'BBB';
--7.25% senior notes due March 15, 2028 at 'BBB';
--6.75% senior notes due Dec. 15, 2028 at 'BBB';
--7.375% senior notes due June 15, 2032 at 'BBB'. 

Provident Financing Trust I 
--7.405% junior subordinated capital securities at 'BB+'.

UnumProvident Finance Company plc
--6.85% senior notes due Nov. 15, 2015 at 'BBB'.

Unum Group members: 
Unum Life Insurance Company of America 
Provident Life & Accident Insurance Company 
Provident Life and Casualty Insurance Company 
The Paul Revere Life Insurance Company 
The Paul Revere Variable Annuity Insurance Company 
First Unum Life Insurance Company 
Colonial Life & Accident Insurance Company
--IFS at 'A'.

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