Prospectus excerpt: This is an offering by Torchmark Corporation of $125,000,000 of its 5.875% Junior Subordinated Debentures due 2052, which we refer to as the Ùdebenturesˆ in this prospectus supplement and as Ùsubordinated debt securitiesˆ in the accompanying base prospectus. The debentures are unsecured, subordinated debt instruments issued by Torchmark Corporation under a subordinated indenture. The debentures will bear interest at the rate of 5.875% per year, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on December 15, 2012. So long as no event of default with respect to the debentures has occurred and is continuing, we have the right, on one or more occasions, to defer the payment of interest on the debentures as described in this prospectus supplement for up to five consecutive years without giving rise to an event of default. Deferred interest will accumulate additional interest at an annual rate equal to the annual interest rate then applicable to the debentures, compounded quarterly.
The debentures will be issued in denominations of $25 and integral multiples of $25 in excess thereof. The debentures will mature on December 15, 2052 (or if such day is not a business day, the following business day).
We may redeem the debentures, in whole but not in part, at any time prior to December 15, 2017, within 90 days of the occurrence of a Ùtax eventˆ at a redemption price equal to $26 per $25 in principal amount of debentures being redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption. On or after December 15, 2017, we may redeem the debentures, in whole or in part, at their principal amount plus accrued and unpaid interest (including compounded interest, if any) to, but excluding, the date of redemption.