RZB holders should expect to be cashed out at par on June 15. For RGA common stock (RGA) and RZC holders, this is a non-event — the redemption reduces leverage modestly and saves ~$23M/year in interest, but is a routine capital allocation decision with no read-through to operating performance.
Price Chart
Executive Summary
RGA announced the full redemption of its $400 million 5.75% Fixed-to-Floating Rate Subordinated Debentures due 2056 (RZB), to be redeemed at par on June 15, 2026. This is a routine capital management action — the company is retiring a higher-coupon debt issue, which will reduce future interest expense but has no impact on the company's operating performance or common equity.
Key Facts
- RGA will redeem all $400 million aggregate principal amount of its 5.75% Fixed-to-Floating Rate Subordinated Debentures due 2056 (CUSIP 759351802)
- Redemption date is June 15, 2026, at 100% of principal plus accrued interest
- The debentures trade under the symbol RZB on the NYSE
- No financial impact on RGA common stock (RGA) or the 7.125% debentures (RZC)
Financial Impact
$400 million debt redemption at par — no premium or discount. Future interest savings of approximately $23 million annually (5.75% coupon on $400M).
Risk Factors
- None — this is a routine debt redemption with no material risk to the company
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-201509 |
| Document: d115304dex991.htm | 0001193125-26-201509 |
| Document: 0001193125-26-201509-index-headers.html | 0001193125-26-201509 |
| Document: 0001193125-26-201509-index.html | 0001193125-26-201509 |
| Document: 0001193125-26-201509.txt | 0001193125-26-201509 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 14, 2026 23w ago | 144 | $25.44 $25.51 | ▲ +0.28% | ▲ +1.13% | $25.21 (−0.90%) |
May 1, 2026 25w ago | 8-K | $25.46 $25.37 | ▼ −0.35% | ▼ −6.00% | $25.21 (−0.98%) |
US Market Status
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