By Marisa Wong and Cristal Cody
Los Angeles, Sept. 15 – Corebridge Financial, Inc. issued $500 million of 6.05% senior notes due 2033 (BBB+/BBB+), according to an 8-K filing with the Securities and Exchange Commission.
The notes priced at Treasuries plus 183 basis points. Initial talk had them pricing in the 205 bps area.
The notes will have an optional make-whole call until three months prior to maturity, and then they will be callable at par.
The company used proceeds and cash on hand to repay $500 million of the $1.5 billion aggregate principal amount currently drawn under its three-year delayed-draw term loan dated Feb. 25, 2022 with JPMorgan Chase Bank, NA as administrative agent.
Corebridge is a Houston-based financial services company that formed after a spinoff from AIG in 2022.
| Issuer: | Corebridge Financial, Inc.
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| Amount: | $500 million
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| Issue: | Senior notes
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| Maturity: | Sept. 15, 2033
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| Bookrunners: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
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| Trustee: | Bank of New York Mellon
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| Coupon: | 6.05%
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| Spread: | Treasuries plus 183 bps
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| Call option: | Make-whole call at Treasuries plus 30 bps prior to June 15, 2033; after that, par call
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| Pricing date: | Sept. 12
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| Settlement date: | Sept. 15
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| Ratings: | S&P: BBB+
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| Fitch: BBB+
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| Price talk: | Treasuries plus 205 bps area
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| Distribution: | Rule 144A and Regulation S
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