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.
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