F&G Annuities & Life enters $550 million three-year revolver

By Marisa Wong

Los Angeles, Nov. 22 – F&G Annuities & Life, Inc. entered into a credit agreement on Tuesday with Bank of America, NA as administrative agent for a $550 million unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The revolver matures on Nov. 22, 2025, subject to a springing maturity.

Loans generally bear interest at term SOFR plus a margin of between 130 basis points and 180 bps depending on the company’s non-credit-enhanced senior unsecured long-term debt ratings. Based on current ratings, the applicable margin is 165 bps.

In addition, the company will pay a facility fee of between 20 bps and 45 bps, also based on ratings.

The credit agreement contains a number of affirmative, negative and financial covenants.

The revolver will be used for working capital and general corporate purposes.

BofA Securities, Inc., JPMorgan Chase Bank, NA and RBC Capital Markets, LLC are joint lead arrangers and joint bookrunners.

JPMorgan and RBC are co-syndication agents.

Citibank, NA, Citizens Bank, NA, KeyBank NA and Wells Fargo Bank, NA are co-documentation agents.

The life insurance company is based in Des Moines.

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