Fidelity & Guaranty Life starts two-day roadshow for $550 million seven-year bullet notes

By Paul A. Harris

Portland, Ore., April 16 – Fidelity & Guaranty Life Holdings, Inc. plans to market a $550 million offering of seven-year senior bullet notes (existing ratings Ba2/BB+/BB) on Monday and Tuesday in New York and Boston, according to a syndicate source.

The Rule 144A and Regulation S for life deal is set to price Tuesday afternoon.

Joint bookrunner RBC Capital Markets LLC will bill and deliver. Wells Fargo Securities LLC and BofA Merrill Lynch are the joint bookrunners.

The notes become callable at par three months prior to maturity but are otherwise non-callable.

The issuer, a Cayman-based holding company that owns a leading U.S. annuity and life insurer and a Bermuda-domiciled reinsurer, plans to use the proceeds to repay its 6 3/8% senior notes due 2021, as well as to repay borrowings under its revolver, and for general corporate purposes, including incremental capital for insurance subsidiaries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.