Nationwide Financial Services Inc. plans to redeem a series of preferred securities that were scheduled to come due in 2028.
Nationwide Financial will pay $200 million to retire the securities. It will take a one-time charge of about $14 million in the third quarter of 2005 for paying the securities off early, the company reported. The company plans to replace the notes with another series that has lower borrowing costs.
Columbus-based Nationwide Financial sells life insurance, retirement plans and other long-term savings vehicles, and reported $4.2 billion in revenue for 2004. It is majority-owned by Nationwide Mutual Insurance Co., a Columbus-based insurance company.
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