F&G Annuities & Life, Inc. (NYSE:FG) has priced a public offering of $375 million in junior subordinated notes due in 2065, the company disclosed in a recent SEC filing. The 7.300% notes, announced Monday, are expected to close on January 13, subject to customary conditions.
The life insurance company, headquartered in Des Moines, Iowa, stated its intention to use the net proceeds for general corporate purposes. These include repurchasing, redeeming, or repaying its outstanding debt.
The notes were offered under a previously filed registration statement and sold through a prospectus supplement. With a current debt-to-equity ratio of 0.47 and an overall financial health score rated as GOOD by InvestingPro, the company appears well-positioned to manage its debt obligations.
Underwriting the offering are Wells Fargo (NYSE:WFC) Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley (NYSE:MS) & Co. LLC, and RBC Capital Markets, LLC. The underwriters entered into an agreement with F&G on Monday.
This financial move comes as part of F&G's broader strategy as outlined in their forward-looking statements, which, while providing guidance on future plans, are subject to risks and uncertainties that could cause actual results to differ materially.
The company's recent filing includes cautionary language about the forward-looking statements, advising that such statements are not guarantees of future performance and involve risks and uncertainties that could cause actual events or results to differ.
Investors and stakeholders are encouraged to review F&G's annual and quarterly reports for a more comprehensive understanding of the potential risks and uncertainties facing the company.
The information for this article is based on a press release statement filed with the SEC.
In other recent news, F&G reported a substantial financial performance in the third quarter, with gross sales skyrocketing to $3.9 billion, a 39% increase year-over-year, and assets under management (AUM) reaching a record high of $62.9 billion. The company's adjusted net earnings for the quarter were $156 million, or $1.22 per share, reflecting a 21% increase from the previous year.
F&G's strategic focus on retirement savings products, pension risk transfers, and diversification of investment opportunities, along with maintaining a strong capital position and capital management practices, have contributed to its optimistic outlook for sustained growth and shareholder value. Pension risk transfer sales surpassed $300 million in Q3, contributing to a total of $2.1 billion for the first ten months of 2023.
Record retail sales from agency bank and broker-dealer channels totaled $3.5 billion for the quarter. Management expressed optimism about growth opportunities in flow reinsurance, owned distribution, and strategic partnerships. These are recent developments that signal a positive trajectory for the company.
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