| Nationwide Financial Services, Inc. | |||
| Ticker: | NFS | One Nationwide Plaza | |
| Exchange: | New York Stock Exchange | Columbus, OH 43215 | |
| Industry: | Financial (SIC Code 6719) | (614) 249-7111 | |
| Type of Shares: | Class A Common Shares | Filing Date: | 12/23/96 | |
| U.S. Shares: | 16,432,000 | Offer Date: | 3/5/97 | |
| Non-U.S. Shares: | 4,108,000 | Filing Range: | $23.00 - $24.00 | |
| Primary Shares: | 20,540,000 | Offer Price: | $23.50 | |
| Secondary Shares: | 0 | Gross Spread: | $1.23 | |
| Offering Amount: | $482,690,000 | Selling: | $0.73 | |
| Expenses: | $1,849,000 | Reallowance: | $0.10 | |
| Shares Out After: | - |
| Manager | Tier | Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Morgan Stanley & Co. Incorporated | Co-manager | (212) 761-5900 |
| Issuer's Law Firm: | Lebdeuf, Lamb, Greene & Macrae |
| Bank's Law Firm: | Dewey Ballantine |
| Auditor: | KPMG Peat Marwick |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 9/30/96 | 9/30/95 | 9/30/96 | ||
| Revenue: | $1,837.00 | $1,500.90 | $1,364.30 | Assets: | $44,362.70 |
| Net Income: | $184.90 | $164.20 | $145.00 | Curr Assets: | |
| EPS: | Liabilities: | $42,288.10 | |||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | Equity: | $2,074.60 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a leading provider of long-term savings and retirement products to retail and institutional customers throughout the United States. The company offers variable annuities, fixed annuities and life insurance as well as mutual funds and pension products and administrative services. By developing and offering a wide variety of products, the company believes that it has positioned itself to compete effectively in various stock market and interest rate environments. The company markets its products through a broad spectrum of wholesale and retail distribution channels, including financial planners, pension plan administrators, securities firms, banks and Nationwide Insurance Enterprise insurance agents. The company is one of the leaders in the development and sale of variable annuities. |
| Competition |
| The company competes with a large number of other insurers as well as non-insurance financial services companies, such as banks, broker/dealer and mutual funds, some of whom have greater financial resources, offer alternative products and, with respect to other insurers, have higher ratings than the company. The company believes that competition in the company's lines of business is based on price, product features, commission structure, perceived financial strength, claims-paying ratings, service and name recognition. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to contribute to the capital of Nationwide Life and for general corporate purposes. |