S&P rates Globe Life notes BBB+

S&P said it assigned its BBB+ issue rating to Globe Life Inc.'s planned offering of fixed-rate junior subordinated debentures. Globe Life may redeem these debentures on or after June 15, 2026.

“This issue rating is two notches below our A long-term issuer credit rating on Globe Life. The two notches represent the subordination of the issue and the optional interest deferability,” S&P said in a press release.

The debentures will rank junior to all of Globe Life's senior and subordinated indebtedness. The interest on these debentures is cumulative, if deferred.

The company plans to use the proceeds for general corporate purposes and to retire its junior subordinated debentures due June 15, 2056.

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