S&P rates Global Life notes A

S&P said it assigned its A debt rating to Globe Life Inc.'s proposed offering of up to $300 million in 10-year senior unsecured notes.

“These notes will also be structurally subordinated to any indebtedness and other liabilities of the insurance operating subsidiaries,” S&P said in a press release.

The company intends to use the proceeds to repay the remaining $150 million from its $300 million term loan. The company doesn't have any senior note maturities until 2022.

“After this issuance, we expect financial leverage to remain about 23% for 2020, compared with 20% at year-end 2019, still supportive of the current ratings,” S&P said.

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