Brighthouse Financial enters $1 billion five-year revolving facility

By Wendy Van Sickle

Columbus, Ohio, April 19 – Brighthouse Financial, Inc. entered into a five-year $1 billion unsecured revolving credit agreement with Bank of America, NA as administrative agent on April 15, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The revolver replaced the company’s former five-year revolver with JPMorgan Chase Bank, NA as administrative agent that was due to mature in May 2024.

Borrowings will bear interest at three-month term SOFR plus 10 basis points plus a margin ranging from 112.5 bps to 187.5 bps, depending on the company’s rating by S&P and Moody’s.

Commitment fees range from 12.5 bps to 30 bps, depending on the company’s debt rating.

The revolver will mature on April 15, 2027.

Brighthouse must maintain a consolidated total capitalization ratio of no greater than 0.35 times.

BofA Securities, Inc., JPMorgan, Wells Fargo Securities, LLC and U.S. Bank, NA are the lead arrangers and bookrunners.

JPMorgan, Wells Fargo Bank, NA and U.S. Bank are the syndication agents.

Barclays Bank plc. Deutsche Bank Securities Inc., Goldman Sachs Bank USA, HSBC Bank USA, NA, Keybank NA, Truist Bank and Morgan Stanley MUFG Loan Partners, LLC are the documentation agents.

Proceeds may be used for general corporate purposes. Letters of credit may be issued under the facility in an amount up to $1 billion.

Brighthouse is a Charlotte, N.C.-based life insurance provider.

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