F&G Annuities & Life Prices Junior Subordinated Notes Offering
F&G Annuities & Life (NYSE: FG) has announced the pricing of a public offering of $375 million in junior subordinated notes, due 2065, with a 7.300% interest rate. The offering is expected to close on January 13, 2025, subject to customary conditions.
The company plans to use the net proceeds for general corporate purposes, including the repurchase, redemption, or repayment of outstanding debt at maturity. The offering is being managed by a group of prominent financial institutions including Wells Fargo Securities, BofA Securities, J.P. Morgan Securities, Morgan Stanley & Co., and RBC Capital Markets as joint book-running managers.
The public offering is being conducted through a registration statement filed with the SEC, with prospectus and supplementary materials available through various channels.
F&G Annuities & Life (NYSE: FG) ha annunciato il prezzo di un'offerta pubblica di 375 milioni di dollari in note subordinate junior, con scadenza nel 2065 e un tasso d'interesse del 7,300%. Si prevede che l'offerta si chiuderà il 13 gennaio 2025, soggetta a condizioni consuete.
La società prevede di utilizzare il ricavato netto per scopi aziendali generali, inclusi il riacquisto, la riscatto o il rimborso del debito in essere alla scadenza. L'offerta è gestita da un gruppo di istituzioni finanziarie di rilievo, tra cui Wells Fargo Securities, BofA Securities, J.P. Morgan Securities, Morgan Stanley & Co. e RBC Capital Markets come joint book-running managers.
L'offerta pubblica è condotta attraverso una dichiarazione di registrazione depositata presso la SEC, con prospetti e materiali supplementari disponibili attraverso vari canali.
F&G Annuities & Life (NYSE: FG) ha anunciado el precio de una oferta pública de 375 millones de dólares en notas subordinadas junior con vencimiento en 2065 y un tipo de interés del 7.300%. Se espera que la oferta cierre el 13 de enero de 2025, sujeta a condiciones habituales.
La empresa planea utilizar los ingresos netos para fines corporativos generales, incluyendo la recompra, el redención o el reembolso de deuda pendiente al vencimiento. La oferta está siendo gestionada por un grupo de importantes instituciones financieras, incluyendo Wells Fargo Securities, BofA Securities, J.P. Morgan Securities, Morgan Stanley & Co. y RBC Capital Markets como administradores conjuntos de libros.
La oferta pública se lleva a cabo a través de una declaración de registro presentada ante la SEC, con prospectos y materiales suplementarios disponibles a través de varios canales.
F&G Annuities & Life (NYSE: FG)는 3억 7500만 달러 규모의 2065년 만기 후순위 채권 공모 발행 가격을 발표하였으며, 7.300%의 이자율이 적용됩니다. 이번 공모는 2025년 1월 13일에 종료될 예정이며, 일반적인 조건이 적용됩니다.
회사는 순수익을 일반 기업 목적, 즉 만기에 미지급 부채의 재매입, 상환 또는 결제를 위해 사용할 계획입니다. 이번 발행은 Wells Fargo Securities, BofA Securities, J.P. Morgan Securities, Morgan Stanley & Co., RBC Capital Markets와 같은 저명한 금융 기관 그룹이 공동 북런닝 매니저로서 관리하고 있습니다.
공모는 SEC에 제출된 등록신청서를 통해 진행되며, 다양한 경로를 통해 설명서 및 보충 자료가 제공됩니다.
F&G Annuities & Life (NYSE: FG) a annoncé la tarification d'une offre publique de 375 millions de dollars en billets subordonnés juniors, arrivant à échéance en 2065, avec un taux d'intérêt de 7,300%. On s'attend à ce que l'offre se termine le 13 janvier 2025, sous réserve de conditions habituelles.
L'entreprise prévoit d'utiliser le produit net à des fins générales d'entreprise, y compris le rachat, le remboursement ou le paiement de dettes en cours à l'échéance. L'offre est gérée par un groupe d'institutions financières de premier plan, y compris Wells Fargo Securities, BofA Securities, J.P. Morgan Securities, Morgan Stanley & Co. et RBC Capital Markets en tant que gestionnaires co-responsables de livres.
L'offre publique est réalisée par le biais d'un document d'enregistrement déposé auprès de la SEC, avec prospecteus et documents supplémentaires disponibles par divers canaux.
F&G Annuities & Life (NYSE: FG) hat die Preisfestsetzung für ein öffentliches Angebot von 375 Millionen Dollar in nachrangigen Schuldverschreibungen mit Fälligkeit im Jahr 2065 und einem Zinssatz von 7,300% bekannt gegeben. Das Angebot wird voraussichtlich am 13. Januar 2025 geschlossen, vorbehaltlich üblicher Bedingungen.
Das Unternehmen plant, die Nettoerlöse für allgemeine Unternehmenszwecke zu verwenden, einschließlich Rückkäufe, Rückzahlungen oder Tilgungen von ausgegebenen Schulden zum Fälligkeitstermin. Das Angebot wird von einer Gruppe führender Finanzinstitute verwaltet, zu denen Wells Fargo Securities, BofA Securities, J.P. Morgan Securities, Morgan Stanley & Co. und RBC Capital Markets als gemeinsame Buchführer gehören.
Das öffentliche Angebot erfolgt durch eine bei der SEC eingereichte Registrierungsanmeldung, mit Prospekten und ergänzenden Materialien, die über verschiedene Kanäle verfügbar sind.
- Secured $375 million in new financing through notes offering
- Strong syndicate of major investment banks managing the offering
- Potential debt restructuring opportunity through repayment of existing debt
- High interest rate of 7.300% on the new notes
- Long-term debt obligation extending to 2065
- Increased debt burden on company's balance sheet
Insights
The pricing of <money>$375 million</money> in junior subordinated notes with a <percent>7.300%</percent> coupon and 40-year maturity represents a strategic debt financing move by F&G. The relatively high yield reflects both the subordinated nature of the debt and the current interest rate environment. Junior subordinated notes sit lower in the capital structure, meaning they have lower priority for repayment in case of default, hence commanding a higher yield to compensate investors for the additional risk.
The involvement of five major investment banks as joint book-runners suggests strong institutional interest and broad distribution capabilities. The 2065 maturity provides F&G with extremely long-term financing flexibility, while the general corporate purposes designation, including potential refinancing of existing debt, indicates balance sheet optimization rather than expansion-driven capital raising.
This debt offering enhances F&G's capital structure flexibility at a pivotal time. With a market cap of <money>$5.23 billion</money>, this <money>$375 million</money> note issuance represents approximately <percent>7.2%</percent> of the company's market value. The timing suggests management's proactive approach to liability management, potentially taking advantage of current market conditions before any potential rate changes. The <percent>7.300%</percent> coupon rate, while seemingly high, is reasonable given the subordinated nature and ultra-long duration of the notes.
For retail investors, this move signals management's confidence in long-term business sustainability, as the 40-year maturity requires robust financial planning. However, the subordinated nature of these notes means they carry higher risk than senior debt, which explains the attractive yield for institutional investors seeking higher returns in the fixed-income space.
F&G intends to use the net proceeds of this offering for general corporate purposes, including the repurchase, redemption or repayment at maturity of outstanding indebtedness.
Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. 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, June 30, 2024 and September 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.
FAQ
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