A.M. Best Assigns Issue Credit Rating to Fidelity & Guaranty Life Holdings, Inc.’s Senior Unsecured Notes
April 20 2018 - 12:19PM
Business Wire
A.M. Best has assigned a Long-Term Issue Credit Rating
(Long-Term IR) of “bb+” to the $550 million 5.5% senior unsecured
notes due 2025 issued by Fidelity & Guaranty Life Holdings,
Inc. (FGLH) (Delaware). The outlook assigned to the Credit
Rating (rating) is positive. FGLH’s Long-Term Issuer Credit Rating
of “bb+” with a positive outlook and the Credit Ratings of its
operating insurance subsidiaries are unchanged.
The debt issuance will be used to repay $135 million of
borrowings under the company’s revolving credit facility and to
redeem in full and satisfy and discharge the entire outstanding
$300 million aggregate principal amount of FGLH’s outstanding
6.375% senior notes due 2021. The remaining amount will be used for
general corporate purposes, which may include additional capital
contributions to the company’s insurance subsidiaries. The
company’s adjusted financial leverage is expected to remain
adequate at 26% following the redemption of the senior notes.
This press release relates to Credit Ratings that have been
published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings. For information on the proper media use of Best’s
Credit Ratings and A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
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version on businesswire.com: https://www.businesswire.com/news/home/20180420005595/en/
A.M. BestJason MacKenzie, +1 908 439 2200,
ext.5649Financial
Analystjason.mackenzie@ambest.comorEdward Kohlberg,
+1 908 439 2200, ext. 5664Associate
Directoredward.kohlberg@ambest.comorChristopher
Sharkey, +1 908 439 2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
+1 908 439 2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com