Globe Life enters into $750 million three-year revolving facility

By Sarah Lizee

Olympia, Wash., Aug. 25 – Globe Life Inc. and subsidiary TMK Re Ltd. entered into a credit agreement on Monday with Bank of America, NA as administrative agent, providing for a $750 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

The revolver may be increased to $1 billion.

Interest is Libor plus 112.5 basis points to 175 bps, and the commitment fee ranges from 12.5 bps to 37.5 bps, both based on debt ratings.

The credit facility matures Aug. 24, 2023, provided that it may be extended for up to two one-year periods upon Globe Life’s request.

There is a $250 million sublimit for secured or unsecured letters of credit. There is a sublimit for swingline loans of up to $35 million.

BofA Securities, Inc., U.S. Bank NA and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners. U.S. Bank and Wells Fargo are the co-syndication agents. BBVA USA, Regions Bank and Truist Bank are co-documentation agents.

Globe Life is an insurance holding company based in McKinney, Tex.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.