By Marisa Wong and Cristal Cody
Los Angeles, March 13 – Global Atlantic (Fin) Co. priced $750 million of 6.75% senior notes due 2054 (Baa2/BBB-/BBB) on Tuesday, according to a market source.
The notes priced with a spread over Treasuries of 250 basis points, tightened from guidance of Treasuries plus 255 bps. Initial price talk was in the Treasuries plus 285 bps area.
BMO Capital Markets Corp., J.P. Morgan Securities LLC, KKR & Co. Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the bookrunners for the Rule 144A and Regulation S offering.
The issuer is a part of Global Atlantic Financial Group Ltd., a New York-based insurance provider.
| Issuer: | Global Atlantic (Fin) Co.
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| Amount: | $750 million
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| Issue: | Senior notes
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| Maturity: | March 15, 2054
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| Bookrunners: | BMO Capital Markets Corp., J.P. Morgan Securities LLC, KKR & Co. Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
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| Coupon: | 6.75%
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| Spread: | Treasuries plus 250 bps
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| Pricing date: | March 12
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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: | Rule 144A and Regulation S
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| Price talk: | Guidance at Treasuries plus 255 bps; initial price talk in Treasuries plus 285 bps area
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