F&G Annuities & Life, Inc. (FG): debt financing — F&G Annuities & Life enters $550M unsecured revolving credit facility

F&G Annuities & Life, Inc.

Credit agreement with Bank of America, JPMorgan, RBC and others provides up to $550M for working capital and general corporate purposes.
Revolving loans bear interest at Term SOFR plus 130-180 bps or Base Rate plus 30-80 bps depending on debt ratings; currently 165 bps over Term SOFR.
Covenants include minimum net worth (70% of Sept 30, 2022 net worth plus 50% of positive quarterly net income and capital stock issuances) and maximum total debt to total capitalization ratio of 35%.
Insurance subsidiary Fidelity & Guaranty Life must maintain a minimum RBC ratio of 300% if debt ratings fall below BBB-/Baa3/BBB-.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

F&G Annuities & Life, Inc. incurred revolving credit of $550 million with Bank of America, N.A. (as administrative agent) at Term SOFR plus a margin of between 130.0 and 180.0 basis points.

Instrument: revolving credit
Principal: $550 million
Counterparty: Bank of America, N.A. (as administrative agent)
Rate: Term SOFR plus a margin of between 130.0 and 180.0 basis points
Event: incurrence

Exact text from the filing

On November 22, 2022, F&G Annuities & Life, Inc. (“ F&G ) entered into a Credit Agreement (the “ Credit Agreement ”) with the financial institutions party thereto as lenders (the “ Lender s ”) and Bank of America, N.A. as administrative agent (in such capacity, the “ Administrative Agent ”), swing line lender and an issuing bank, pursuant to which the Lenders have made available to F&G an unsecured revolving credit facility in an aggregate principal amount of $550 million to be used for working capital and general corporate purposes.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

F&G Annuities & Life, Inc. entered into Credit Agreement with the financial institutions party thereto as lenders and Bank of America, N.A. as administrative agent valued at $550 million (effective 2022-11-22).

Action: entry
Agreement: credit facility
Counterparty: the financial institutions party thereto as lenders and Bank of America, N.A. as administrative agent
Value: $550 million
Effective: 2022-11-22

Exact text from the filing

On November 22, 2022, F&G Annuities & Life, Inc. (“ F&G ) entered into a Credit Agreement (the “ Credit Agreement ”) with the financial institutions party thereto as lenders (the “ Lender s ”) and Bank of America, N.A. as administrative agent (in such capacity, the “ Administrative Agent ”), swing line lender and an issuing bank, pursuant to which the Lenders have made available to F&G an unsecured revolving credit facility in an aggregate principal amount of $550 million

View on SEC.gov

10 debt financings filed in the last 30 days. Browse all debt financings →

F&G Annuities & Life, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-22-030670

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