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Globe Life to price $25-par junior subordinated debentures due 2061; talk 4.5%-4.625% area
By Rebecca Melvin and Cristal Cody
Concord, N.H., June 9 – Globe Life Inc. plans to price $25-par junior subordinated debentures due 2061, according to a 424B5 filed with the Securities and Exchange Commission.
The $150 million offering due June 15, 2061 is talked to yield in the 4.5% to 4.625% area, according to a market source.
The debentures are callable after five years at par plus accrued and unpaid interest. Prior to June 15, 2026, the debentures are callable in the event of a tax or regulatory capital event at par plus interest or in the event of a rating agency change at 102 plus interest.
The joint bookrunning managers are BofA Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
The financial services holding company headquartered in McKinney, Tex.
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