F&G Annuities & Life Prices Senior Unsecured Notes Offering
F&G Annuities & Life (NYSE: FG) has priced a public offering of $500 million in 6.250% senior notes due 2034. The offering is expected to close on October 4, 2024, subject to customary conditions. The notes will be guaranteed by F&G's subsidiaries that are guarantors of its existing credit agreement.
F&G plans to use the net proceeds to repay borrowings under its revolving credit facility and for general corporate purposes, including supporting organic growth opportunities. The offering is being made through a SEC-registered prospectus, with Wells Fargo Securities, BofA Securities, J.P. Morgan Securities, and RBC Capital Markets acting as joint book-running managers.
F&G Annuities & Life (NYSE: FG) ha prezzato un'offerta pubblica di 500 milioni di dollari in note senior con un tasso del 6.250% che scadranno nel 2034. Si prevede che l'offerta si chiuda il 4 ottobre 2024, soggetta a condizioni abituali. Le note saranno garantite dalle filiali di F&G che sono garanti del suo accordo di credito esistente.
F&G intende utilizzare i proventi netti per ripagare i prestiti sotto la sua linea di credito revolving e per scopi aziendali generali, comprese le opportunità di crescita organica. L'offerta viene effettuata tramite un prospetto registrato presso la SEC, con Wells Fargo Securities, BofA Securities, J.P. Morgan Securities e RBC Capital Markets che agiscono come co-responsabili della gestione dell'asta.
F&G Annuities & Life (NYSE: FG) ha fijado una oferta pública de 500 millones de dólares en notas senior al 6.250% que vencen en 2034. Se espera que la oferta se cierre el 4 de octubre de 2024, sujeta a condiciones habituales. Las notas estarán garantizadas por las filiales de F&G que son garantes de su acuerdo de crédito existente.
F&G planea usar los ingresos netos para pagar los préstamos bajo su línea de crédito revolvente y para fines corporativos generales, incluidas las oportunidades de crecimiento orgánico. La oferta se realiza a través de un prospecto registrado en la SEC, con Wells Fargo Securities, BofA Securities, J.P. Morgan Securities y RBC Capital Markets actuando como co-gestores conjuntos.
F&G Annuities & Life (NYSE: FG)는 5억 달러 규모의 공모를 가격 책정했습니다 총 6.250%의 이자를 가진 2034년 만기 선순위 채권입니다. 이 공모는 2024년 10월 4일에 마감될 예정이며, 일반적인 조건에 따라 다릅니다. 이 채권은 F&G의 기존 신용 계약의 보증인인 자회사가 보증합니다.
F&G는 순수익을 활용하여 회전 신용 시설에 대한 차입금을 상환할 계획이며, 일반적인 기업 목적과 유기적 성장 기회를 지원하는 데 사용할 예정입니다. 이 공모는 SEC 등록된 투자 설명서를 통해 진행되며, Wells Fargo Securities, BofA Securities, J.P. Morgan Securities 및 RBC Capital Markets가 공동 주관사로 활동합니다.
F&G Annuities & Life (NYSE: FG) a instauré une offre publique de 500 millions de dollars à un taux de 6,250% sur des obligations senior échues en 2034. On s'attend à ce que l'offre se clôture le 4 octobre 2024, sous réserve des conditions classiques. Les obligations seront garanties par les filiales de F&G qui sont les garantes de son accord de crédit existant.
F&G envisage d'utiliser les produits nets pour rembourser les emprunts dans le cadre de son crédit renouvelable et à d'autres fins corporatives, y compris le soutien aux opportunités de croissance organique. L'offre est faite par le biais d'un prospectus enregistré auprès de la SEC, avec Wells Fargo Securities, BofA Securities, J.P. Morgan Securities et RBC Capital Markets agissant en tant que co-gérants principaux.
F&G Annuities & Life (NYSE: FG) hat eine öffentliche Angebotsbewertung von 500 Millionen US-Dollar festgelegt für 6,250% Senior Notes mit Fälligkeit im Jahr 2034. Die Emission wird voraussichtlich am 4. Oktober 2024 abgeschlossen, vorbehaltlich üblicher Bedingungen. Die Anleihen werden von den Tochtergesellschaften von F&G garantiert, die Garantien für bestehende Kreditvereinbarungen leisten.
F&G plant, die Nettoerlöse zur Rückzahlung von Krediten unter seiner revolvierenden Kreditfazilität zu verwenden sowie für allgemeine Unternehmenszwecke, einschließlich der Unterstützung organischer Wachstumschancen. Das Angebot erfolgt über ein bei der SEC registriertes Verkaufsprospekt, wobei Wells Fargo Securities, BofA Securities, J.P. Morgan Securities und RBC Capital Markets als gemeinsame Buchführungsgesellschaften fungieren.
- Successful pricing of $500 million senior notes offering
- Potential to support organic growth opportunities with proceeds
- Repayment of revolving credit facility borrowings
- Increase in long-term debt with 6.250% interest rate
- Potential increase in interest expenses
Insights
F&G's
The decision to use proceeds to repay revolving credit facility borrowings suggests F&G is restructuring its debt, potentially to reduce interest expenses or extend maturities. This could improve financial flexibility but also increases long-term debt obligations. The mention of supporting organic growth opportunities indicates confidence in future business expansion.
Investors should note that while this offering may strengthen F&G's financial position, it also increases leverage. The impact on the company's credit ratings and future borrowing costs will be important to monitor. Overall, this move appears to be a strategic financial decision aimed at optimizing the company's capital structure in the current interest rate environment.
This debt offering by F&G is indicative of broader trends in the insurance sector, where companies are seeking to bolster their capital positions amidst economic uncertainties and regulatory pressures. For an annuity and life insurance provider like F&G, maintaining a strong capital base is important for supporting policy obligations and funding new business growth.
The focus on organic growth opportunities suggests F&G may be looking to expand its product offerings or distribution channels in the competitive insurance market. This could potentially lead to increased market share and revenue growth, but also carries execution risks.
Investors should consider how this additional debt might affect F&G's financial metrics, such as its risk-based capital ratio and leverage ratios, which are key indicators of an insurer's financial strength. The ability to generate sufficient returns to cover the
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 the net proceeds of this offering to repay borrowings under its revolving credit facility and for general corporate purposes, including the support of organic growth opportunities.
Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC are acting as joint book-running managers for the offering of the notes.
The public offering is being made pursuant to a registration statement (including a prospectus, as supplemented) that F&G has filed with the
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About F&G
F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in
Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are not related to present facts or current conditions or that are not historical facts, as well as statements that address activities, events, or developments that F&G anticipates will or may occur in the future, including, but not limited to, such things as the anticipated timing and closing of the offering of the notes, the use of net proceeds from the offering of the notes and other such matters. You can identify forward-looking statements by words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "predict," "project," "seek," "outlook," "future," "will," "would," "should," "could," "may," "can have," "likely" and similar terms. Forward-looking statements include statements based on management's current expectations and assumptions about future events. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which are beyond F&G's control, that could cause actual results to differ materially from those in or implied by the forward-looking statements. Factors that may cause such differences include the risks and uncertainties described in F&G's Annual Report on Form 10-K for the year ended December 31, 2023, as amended, F&G's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2024 and June 30, 2024 and the other reports and filings F&G makes with the SEC. These forward-looking statements speak only as of the date of this press release. F&G disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future developments, changes in assumptions or otherwise.
Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
515.330.3307
Investor.relations@fglife.com
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SOURCE F&G Annuities & Life, Inc.
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