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PORTLAND-StanCorp Financial Group Inc. has completed an initial public debt offering of $250 million of 6.875% 10-year senior notes en route to the acquisition of Teachers Insurance and Annuity Association’s group life and disability business by its primary insurance subsidiary, Standard Insurance Company.

TIAA, better known simply as Teachers, is a major lender to the commercial real estate industry. Approximately $200 million of StanCorp’s proceeds from the offering will be used in connection with the acquisition, which was announced in May.

StanCorp says the remaining proceeds will be used for general corporate purposes, including payment of StanCorp’s annual dividend to shareholders and a modest level of on-going share repurchases.

The senior unsecured debt is rated “Baa1″ by Moody’s, “BBB+” by Standard & Poor’s, “A-” by Fitch, Inc. and “bbb+” by A.M. Best. The offering was managed by Goldman, Sachs & Co. Credit Suisse First Boston, Merrill Lynch & Co. and U.S. Bancorp Piper Jaffray acted as co-managers on the transaction.

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