CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
Unum Group (NYSE: UNM) (the "Company") announced today that it has
obtained a new credit facility. The current facility establishes a $250
million unsecured revolving line of credit and replaces an existing
facility. The facility was arranged through Wachovia Capital Markets LLC
and Banc of America Securities LLC. As previously stated, the Company
intends to use any drawn borrowings from the facility for general
corporate purposes. Any actions that the Company may take will be
consistent with the Company's stated capital management strategy.
"Our strong operating performance, in conjunction with our capital
management strategy, has provided us with a financial buffer during
these volatile and uncertain times. Though we have no current plans to
access credit or to raise additional capital, we believe it is prudent
to maintain our financial flexibility. The facility which we have
announced today is consistent with our commitment to maintaining this
flexibility," commented Robert Greving, executive vice president, chief
financial officer and chief actuary of Unum Group. "Given the heightened
liquidity constraints in the banking sector over the last twelve months,
we view our ability to establish our current facility as a continuation
of the financial markets validation of our Company."
About Unum
Unum (www.unum.com)
is one of the leading providers of employee benefits products and
services, and the largest provider of group and individual disability
income protection insurance in the United States and the United Kingdom.
Source: Unum Group
Contact: Unum Group
INVESTORS:
Thomas A. H. White, 423-294-8996
or
Madhavi Venkatesan, 423-294-1630