Fidelity & Guaranty subsidiary gets $150 million three-year revolver

By Susanna Moon

Chicago, Aug. 26 – Fidelity & Guaranty Life’s wholly owned subsidiary Fidelity & Guaranty Life Holdings, Inc. obtained a $150 million three-year unsecured revolving credit facility on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans initially will be Libor plus 300 basis points. The spread ranges from 275 bps to 325 bps based on the debt to total capitalization ratio of the parent.

The commitment fee is initially 50 bps and ranges from 37.5 bps to 75 bps.

Proceeds will be used for working capital and general corporate purposes.

RBC Capital Markets and Credit Suisse Securities (USA) LLC are the joint lead arrangers. Royal Bank of Canada is the administrative agent. Associated Bank, NA, BNP Paribas, JPMorgan Chase Bank, NA and MIHI LLC are the co-documentation agents.

Fidelity & Guaranty is a Baltimore-based provider of annuity and life insurance products.

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