Moody’s gives Globe Life notes Baa2

Moody's Investors Service said it gave a Baa2(hyb) debt rating to Globe Life Inc.’s anticipated offering of up to $325 million of 40-year junior subordinated notes.

The proceeds will be used to refinance junior subordinated notes due 2056 and general corporate purposes.

The new notes will have a negligible impact on Globe Life's financial leverage and an improvement in its earnings and cash flow coverage ratios since the proceeds will be used to refinance debt at a lower coupon rate, the agency said.

The outlook is unchanged at stable.

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