By Cristal Cody
Tupelo, Miss., Sept. 30 – Global Atlantic (Fin) Co. priced an upsized $500 million of 4.4% 10-year senior notes (Baa3/BBB-/BBB) on Monday at a spread of Treasuries plus 275 basis points, a market source said.
Initial price talk was in the Treasuries plus 287.5 bps area.
The deal was upsized from $300 million.
Barclays, Goldman Sachs & Co. LLC and Wells Fargo Securities LLC were the bookrunners.
The notes are guaranteed by Global Atlantic Financial Ltd.
Proceeds will be used to repay debt under the company’s revolving credit facility and for general corporate purposes.
The companies are part of parent company Global Atlantic Financial Group Ltd., a New York-based insurance provider.
| Issuer: | Global Atlantic (Fin) Co.
|
| Guarantor: | Global Atlantic Financial Ltd.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | Oct. 15, 2029
|
| Bookrunners: | Barclays, Goldman Sachs & Co. LLC and Wells Fargo Securities LLC
|
| Coupon: | 4.4%
|
| Spread: | Treasuries plus 275 bps
|
| Trade date: | Sept. 30
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
| Price guidance: | Treasuries plus 275 bps; initial talk at Treasuries plus 287.5 bps area
|
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