Globe Life closes $500M P-Caps issuance for contingent liquidity facility due 2055

GLOBE LIFE INC.

Issued 500,000 P-Caps at $1,000 each for $500M total; trust invested proceeds in U.S. Treasury strips.
Company gains right to issue 6.580% Senior Notes due 2055 up to $500M in exchange for eligible assets; semi-annual facility premium of 1.789% on unexercised portion.
Senior Notes redeemable at company's option; redemption proceeds used to redeem corresponding P-Caps.
Automatic full exercise triggers include payment defaults and bankruptcy events; required exercise if net worth falls below $1.85B adjusted.
P-Caps sold in Rule 144A private placement to QIBs that are also qualified purchasers.

item 2.03

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