By Cristal Cody
Chicago, June 14 – Global Atlantic (Fin) Co. sold a $650 million offering on Monday of 3.125% 10-year notes (Baa3/BBB-/BBB), according to a market source.
The notes priced with a Treasuries plus 165 basis points spread, lower than initial price talk, which had the bonds coming in the Treasuries plus 200 bps area.
BMO Capital Markets Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are bookrunners.
Proceeds, according to Moody’s Investors Service, will be used to repay bank debt, including a revolver and term loan debt.
The companies are part of parent company Global Atlantic Financial Group Ltd., a New York-based insurance provider.
| Issuer: | Global Atlantic (Fin) Co.
|
| Issue: | Notes
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| Amount: | $650 million
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| Maturity: | June 15, 2031
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| Bookrunners: | BMO Capital Markets Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
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| Coupon: | 3.125%
|
| Spread: | Treasuries plus 165 bps
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| Trade date: | June 14
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
| Price talk: | Treasuries plus 200 bps area
|
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