F&G Annuities & Life, Inc. (NYSE: FG) has announced the pricing of a public offering of $550 million aggregate principal amount of its 6.500% senior notes due 2029. The offering is expected to close on June 4, 2024. The notes will be guaranteed on an unsecured, unsubordinated basis by each of F&G’s subsidiaries that are guarantors of F&G’s obligations under its existing credit agreement.
F&G intends to use a portion of the net proceeds of this offering to finance a cash tender offer by Fidelity & Guaranty Life Holdings, Inc., its wholly owned subsidiary and a guarantor of the notes, for up to $250,000,000 aggregate principal amount of FGLH’s 5.50% senior notes due 2025. The remaining net proceeds of this offering will be used for general corporate purposes, which may include the repurchase, redemption, or repayment at maturity of outstanding indebtedness.
The joint book-running managers for the offering of the notes are BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, and Wells Fargo Securities, LLC. Additionally, Citigroup Global Markets Inc., Citizens JMP Securities, LLC, KeyBanc Capital Markets Inc., and U.S. Bancorp Investments, Inc. are acting as senior co-managers, while Barclays Capital Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC are acting as co-managers for the offering of the notes.
These details were included in a press release issued by F&G, a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, headquartered in Des Moines, Iowa. Following these announcements, the company's shares moved -0.1%, and are now trading at a price of $42.32. For more information, read the company's full 8-K submission here.
