Pacific Life Insurance Company Announces Early Settlement of Tender Offer

Pacific Life Insurance Company (“Pacific Life”) today announced the exercise of its early settlement right for all of its 9.25% Surplus Notes due 2039 (the “Notes”) tendered at or prior to the early tender time in connection with its previously announced cash tender offer. $322,793,000 aggregate principal amount of the Notes were tendered by the early tender time, which was 5:00 p.m., New York City time, on January 15, 2013.

All of such tendered Notes were accepted for payment and settlement was made on January 22, 2013.
Holders of the $322,793,000 aggregate principal amount of Notes that have been accepted for purchase will receive the Full Tender Offer Consideration (as defined in the Offer to Purchase described below), which amounts to a total of $1,478.68 per $1,000 principal amount of the Notes, plus accrued and unpaid interest.

The terms and conditions of the offer are described in the offer to purchase, dated January 2, 2013 (the “Offer to Purchase”) and the related letter of transmittal (the “Letter of Transmittal” and, together with the Offer to Purchase, the “Offer Documents”) sent to holders of the Notes. The offer will expire at 11:59 p.m., New York City time, on January 30, 2013, unless extended or earlier terminated by Pacific Life.