A street sign on Wall Street (Photo: Allison Bell/TA)

FGL Holdings says it will be issuing about $550 million in senior notes to pay bills and refinance other debt.

CF Corp., a Cayman Islands-based investment firm with ties to Blackstone, completed acquiring Fideltiy & Guaranty Life from HRG Group Inc., another investment company, in November 2017. CF Corp. said the deal had a total value of about $1.8 billion.

FGL Holdings, the holding company that now controls Fidelity & Guaranty Life, trades under the symbol FG on the New York Stock Exchange.

(Related: U.S. Firm Agrees to Acquire Fidelity & Guaranty Life)

The new senior notes will come due in 2025, FGL said earlier this week.

FGL Holdings said it expects to use $135 million in proceeds to pay off debts obtained through a revolving credit facility, and about $300 million in notes that pay an interest rate of 6.375% and are due in 2021. It also expects to use some of the proceeds for general corporate purposes.

FGL Holdings said its parent companies will guarantee the notes.

In the “about us” section of the offering announcement, FGL Holdings described itself as an insurance holding company that helps middle-income Americans prepare for retirement, and as a leading provider of annuity and life insurance products.

The company lists Georgetown, Cayman Islands, as its headquarters. The telephone number of the investor and media contact for the offering has a Maryland area code.

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