F&G Annuities & Life offers $250 million $25-par notes due 2053

By Marisa Wong

Los Angeles, Nov. 27 – F&G Annuities & Life, Inc. plans to price $250 million of fixed-rate senior notes due Dec. 15, 2053, according to an S-1 filing with the Securities and Exchange Commission.

The offering includes a $37.5 million greenshoe.

Interest will be payable quarterly beginning on March 15, 2024. The coupon will be subject to adjustment if there are changes to the company’s credit ratings.

The notes are non-callable prior to Dec. 15, 2028. On or after that date, the notes are callable at par. The notes are also callable in whole at par if a tax event occurs.

The notes are putable at 101 if a change of control and below-investment-grade rating event occurs.

Wells Fargo Securities, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC are the joint bookrunners.

Citibank, NA is the trustee.

Skadden, Arps, Slate, Meagher & Flom LLP is U.S. counsel for the issuer, and ASW Law Ltd. is Bermuda counsel. The underwriters are represented by Pillsbury Winthrop Shaw Pittman LLP.

Proceeds will be used to repay borrowings under the company’s credit agreement and for general corporate purposes, including the support of organic growth opportunities. As of Sept. 30, the company had $515 million of borrowings outstanding under the credit agreement.

The company intends to apply to list the notes on the New York Stock Exchange under the symbol “FGN.”

The annuities and life insurance company is based in Des Moines.

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