Torchmark gets $750 million five-year revolver at Libor plus 90-140 bps

By Susanna Moon

Chicago, July 21 – Torchmark Corp. obtained an amended and restated $750 million revolving credit facility due July 16, 2019, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans is Libor plus 90 basis points to 140 bps based on the company’s debt ratings.

The company amended and restated its credit agreement on Wednesday with Wells Fargo Bank, NA as administrative agent, swingline lender and letter-of-credit administrator.

Bank of America, NA, Regions Bank and U.S. Bank NA are the co-syndication agents. BBVA Compass and SunTrust Bank are the co-documentation agents.

Wells Fargo Securities, LLC, Bank of America Merrill Lynch, Regions Capital Markets and U.S. Bank are the lead arrangers and bookrunners.

The facility replaces the credit agreement with Wells Fargo as administrative agent that had been set to mature on Jan. 7, 2015.

There is a $250 million sublimit for letters of credit as well as a $35 million sublimit for swingline loans.

Torchmark is an insurance holding company based in McKinney, Texas, that provides life insurance and supplemental health insurance.

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