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Jackson Financial draws down on delayed-draw loans for $2.35 billion
Chicago, Sept. 10 – Jackson Financial Inc. announced two draws on its delayed-draw term loans on Sept. 10 for $2.35 billion, according to an 8-K filing with the Securities and Exchange Commission.
The company borrowed $1.6 billion under the $1.7 billion delayed-draw term loan facility that matures on May 21, 2022 and $750 million under the $1 billion delayed-draw term loan facility that matures on Feb. 22, 2023.
Any excess of the amounts borrowed were terminated in accordance with the terms of the term loan agreement.
The facilities are governed by the term loan agreement from Feb. 22 that lists Citigroup Global Markets Inc. as administrative agent.
Based on ratings, the six-tier grid has a commitment fee between 15 basis points and 47.5 bps. For eurodollar loans, the grid ranges between Libor plus 125 bps and 300 bps.
Proceeds will be, for the most part, contributed to the Jackson National Life Insurance Co. The other proceeds will be used to establish a minimum liquidity buffer of at least $250 million at Jackson Financial and retain the balance of the proceeds of approximately $565 million, with proceeds used for general corporate purposes, including interest payments and debt repayment, holding company operating expenses, payment of dividends and other distributions to stockholders.
Citigroup Global Markets Inc., Morgan Stanley Senior Funding, Inc., BofA Securities, Inc., Barclays, JPMorgan Chase Bank, NA and Wells Fargo Securities LLC are the joint lead arrangers and bookrunners.
Morgan Stanley Senior Funding, Inc. is the syndication agent.
Bank of America, NA, Barclays, JPMorgan Chase Bank, NA and Wells Fargo Bank, NA are the documentation agent.
Jackson National Life Insurance is based in Lansing, Mich.
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