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FBL Financial refinances $100 million notes

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FBL Financial Group Inc. announced yesterday the refinancing of its $100 million senior notes with a rate of 9.25 percent, due Nov. 5. They are being replaced by $100 million senior notes with a rate of 6.10 percent due May 3, 2015.

The notes are being refinanced by their holders; affiliate Farm Bureau Property & Casualty acquired a note for $75 million and an investment affiliate of Iowa Farm Bureau Federation, FBL’s majority shareholder, acquired a note for $25 million.