Published on 11/10/2021 in the Prospect News Investment Grade Daily.
New Issue: Brighthouse prices $400 million of 3.85% notes due 2051 at 99.926
Chicago, Nov. 10 – Brighthouse Financial, Inc. priced $400 million of 3.85% senior notes due Dec. 22, 2051 (Baa3/BBB+/BBB) at 99.926 to yield 3.854%, according to an FWP filed with the Securities and Exchange Commission.
The notes priced with a spread over the benchmark Treasury of 195 basis points.
The notes will have a make-whole call at Treasuries plus 30 bps and subsequently a par call starting June 22, 2051.
Concurrently, the company is planning to sell series D non-cumulative preferred stock.
BofA Securities, Inc., Barclays, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are working as bookrunners.
Proceeds will be used to fund a tender offer with remaining proceeds potentially used for general corporate purposes.
Brighthouse is a Charlotte, N.C.-based provider of annuity and life insurance products.
| Issuer: | Brighthouse Financial, Inc.
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| Issue: | Senior notes
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| Amount: | $400 million
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| Maturity: | Dec. 22, 2051
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| Bookrunners: | BofA Securities, Inc., Barclays, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC
|
| Co-managers: | BNP Paribas Securities Corp., Blaylock Van, LLC, CastleOak Securities, LP, KeyBanc Capital Markets Inc., MFR Securities, Inc., PNC Capital Markets LLC, Samuel A. Ramirez & Co., Inc., Siebert Williams Shank & Co., LLC, Stern Brothers & Co. and U.S. Bancorp Investments, Inc.
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| Trustee: | U.S. Bank NA
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| Coupon: | 3.85%
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| Price: | 99.926
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| Yield: | 3.854%
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| Spread: | Treasuries plus 195 bps
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| Call features: | Make-whole call until June 22, 2051 at Treasuries plus 30 bps; thereafter at par
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| Trade date: | Nov. 10
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| Settlement date: | Nov. 22
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| Ratings: | Moody’s: Baa3
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| S&P: BBB+
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| Fitch: BBB
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| Distribution: | SEC registered
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| Cusip: | 10922NAH6
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