By Cristal Cody
Tupelo, Miss., Aug. 31 – Globe Life Inc. priced a $50 million add-on to its 2.15% senior notes due Aug. 15, 2030 (Baa1/A/BBB+) on Monday at 99.635 to yield 2.191%, or a spread of Treasuries plus 147 basis points, according to an FWP filing with the Securities and Exchange Commission.
The company originally sold $350 million of the notes on Aug. 18 at 99.822 to yield 2.17%, or Treasuries plus 150 bps. The total outstanding is now $400 million.
BofA Securities Inc. and U.S. Bancorp Investments, Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
Globe Life is an insurance holding company based in McKinney, Tex. The company changed its name from Torchmark Corp. on Aug. 8, 2019.
| Issuer: | Globe Life Inc.
|
| Amount: | $50 million reopening
|
| Description: | Senior notes
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| Maturity: | Aug. 15, 2030
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| Bookrunners: | BofA Securities Inc. and U.S. Bancorp Investments, Inc.
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| Co-manager: | Wells Fargo Securities LLC
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| Coupon: | 2.15%
|
| Price: | 99.635
|
| Yield: | 2.191%
|
| Spread: | Treasuries plus 147 bps
|
| Call features: | Make-whole call at price equal to greater of par and Treasuries plus 25 bps before May 15, 2030; par thereafter
|
| Trade date: | Aug. 31
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| Settlement date: | Sept. 3
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| Ratings: | Moody’s: Baa1
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| S&P: A
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Total outstanding: | $400 million, including $350 million of notes priced Aug. 18 at 99.822 to yield 2.17%, or Treasuries plus 150 bps
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