By Cristal Cody
Chicago, May 14 – Security Benefit Global Funding sold $500 million of 1.25% three-year funding agreement-backed notes (A-) on Friday, according to a market source.
The notes are being issued by Security Benefit Life Insurance Co.
The notes priced with a Treasuries plus 95 basis points spread, low to the Treasuries plus 125 bps area initial price talk.
The issue was upsized from $300 million.
RBC Capital Markets LLC is the bookrunner for the Rule 144A notes.
Security Benefit is a retirement solutions provider in Topeka, Kan.
| Issuer: | Security Benefit Life Insurance Co.
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| Issue: | Funding-agreement backed notes
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| Amount: | $500 million
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| Maturity: | May 17, 2024
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| Bookrunner: | RBC Capital Markets LLC
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| Coupon: | 1.25%
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| Spread: | Treasuries plus 95 bps
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| Trade date: | May 14
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| Rating: | S&P: A-
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| Distribution: | Rule 144A
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| Price talk: | Treasuries plus 125 bps area
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