Published on 5/16/2022 in the Prospect News Investment Grade Daily.
New Issue: Globe Life sells $400 million 4.8% 10-year senior notes
Chicago, May 16 – Globe Life Inc. sold $400 million of 4.8% 10-year notes (Baa1/A/BBB+) on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.672 to yield 4.841%, or at a spread of 195 basis points over Treasuries.
The notes are optionally redeemable with a Treasuries plus 30 bps make-whole premium until March 15, 2032.
BofA Securities Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used to repay the company’s $300 million of 3.8% senior notes due 2022.
Globe Life is an insurance holding company based in McKinney, Tex.
| Issuer: | Globe Life Inc.
|
| Amount: | $400 million
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| Issue: | Senior notes
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| Maturity: | June 15, 2032
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| Bookrunners: | BofA Securities Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Co-managers: | Regions Securities LLC, PNC Capital Markets LLC, Truist Securities, Inc., Comerica Securities, Inc., KeyBanc Capital Markets Inc. and Siebert Williams Shank & Co., LLC
|
| Trustee: | Regions Bank
|
| Counsel to issuer: | McAfee & Taft
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| Counsel to underwriters: | Davis Polk & Wardwell LLP
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| Coupon: | 4.8%
|
| Price: | 99.672
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| Yield: | 4.841%
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| Spread: | Treasuries plus 195 bps
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| Call features: | Make-whole call at Treasuries plus 30 bps until March 15, 2032; thereafter at par
|
| Trade date: | May 16
|
| Settlement date: | May 19
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| Ratings: | Moody’s: Baa1
|
| S&P: A
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Cusip: | 37959EAB8
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