By Cristal Cody
Chicago, June 13 – Global Atlantic (Fin) Co. priced $500 million of 7.95% senior notes with a 10-year tenor (Baa2/BBB-/BBB) on Monday, according to a market source.
The bonds priced on top of talk at Treasuries plus 450 basis points. Initial price talk had them in the 450 bps area.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC are the bookrunners on the Rule 144A and Regulation S deal.
According to Fitch Ratings, proceeds will be used to repay $400 million of borrowings on the company’s revolving credit facility due in August 2026 and the remaining proceeds will be allocated for general corporate purposes.
The issuer is a part of Global Atlantic Financial Group Ltd., a New York-based insurance provider.
| Issuer: | Global Atlantic (Fin) Co.
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| Guarantor: | Global Atlantic Financial Group Ltd.
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| Amount: | $500 million
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| Issue: | Senior notes
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| Maturity: | June 15, 2033
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| Bookrunners: | Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC
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| Coupon: | 7.95%
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| Spread: | Treasuries plus 450 bps
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| Trade date: | June 12
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| Ratings: | Moody’s: Baa2
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| S&P: BBB-
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| Fitch: BBB
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Treasuries plus 450 bps area
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