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April 19, 2018 at 07:15 PM
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 Fidelity & 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.
