Published on 12/5/2023 in the Prospect News Investment Grade Daily.
New Issue: Corebridge sells $750 million 5.75% 10-year notes at 160 bps spread
By Wendy Van Sickle
Columbus, Ohio, Dec. 5 – Corebridge Financial, Inc. sold $750 million of 5.75% senior notes due Jan. 15, 2034 at 99.808 to yield 5.774% on Tuesday (Baa2/BBB+/BBB+), according to an FWP filing with the Securities and Exchange Commission.
The notes priced at Treasuries plus 160 basis points.
Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., HSBC Securities (USA) Inc., PNC Capital Markets LLC and U.S. Bancorp Investments, Inc. are the bookrunners.
The company will use the proceeds to repay a portion of its $1 billion aggregate principal amount currently drawn under its three-year delayed-draw term loan agreement. As of Dec. 5, the interest rate on outstanding borrowings is 6.44%.
Corebridge is a Houston-based financial services company that formed after a spinoff from AIG in 2022.
| Issuer: | Corebridge Financial, Inc.
|
| Amount: | $750 million
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| Issue: | Senior notes
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| Maturity: | Jan. 15, 2034
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| Bookrunners: | Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., HSBC Securities (USA) Inc., PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.
|
| Co-managers: | BNY Mellon Capital Markets, LLC, KeyBanc Capital Markets Inc., M&T Securities, Inc. and Truist Securities, Inc.
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| Trustee: | Bank of New York Mellon
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| Counsel to issuer: | Debevoise & Plimpton LLP
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| Counsel to underwriters: | Cleary Gottlieb Steen & Hamilton LLP
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| Coupon: | 5.75%
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| Price: | 99.808
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| Yield: | 5.774%
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| Spread: | Treasuries plus 160 bps
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| Call option: | Make-whole call at Treasuries plus 25 bps prior to Oct. 15, 2033; after that, par call
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| Pricing date: | Dec. 5
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| Settlement date: | Dec. 8
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| Ratings: | Moody’s: Baa2
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| S&P: BBB+
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Cusip: | 21871XAS8
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