The notes bear interest at the fixed rate of 6.75 percent for a 30-year period. After the 30-year period, the notes will bear interest at the rate of three-month LIBOR plus 2.33 percent. Nationwide Financial may redeem the notes at face value on or after May 15, 2037.
Nationwide Financial intends to use the net proceeds from this offering for the redemption of $300 million of its outstanding 8 percent senior notes and for general corporate purposes. The 8 percent senior notes are due in 2027. The redemption is scheduled to take place on or about June 4, 2007.
Morgan Stanley is the sole structuring advisor and bookrunner for this offering. Interested parties may obtain a written prospectus and prospectus supplement from Morgan Stanley, 180 Varick Street, New York, New York, 10014.
