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AM Best Assigns Issue Credit Rating to Globe Life Inc.’s Senior Unsecured Notes

·2-min read

AM Best has assigned a Long-Term Issue Credit Rating of "bbb+" to the $350 million 2.15% senior unsecured notes due Aug. 15, 2030 that were recently issued by Globe Life Inc. (Globe) (headquartered in McKinney, TX) [NYSE: GL]. The outlook assigned to the Credit Rating (rating) is stable. The existing ratings of Globe Life remain unchanged.

Globe’s financial leverage and interest coverage ratios are within AM Best’s guidelines for its ratings. The proceeds will be used to retire a term loan of $300 million with the remainder used for general corporate purposes. Globe does not have any debt maturing until September 2022, generates strong cash flows and has ample liquidity to cover its cash flow needs.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200826005522/en/

Contacts

Shauna Nelson
Senior Financial Analyst
+1 908 439 2200, ext. 5365
shauna.nelson@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Rosemarie Mirabella
Director
+1 908 439 2200, ext. 5892
rosemarie.mirabella@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com