Globe Life Inc. Announces Senior Notes Offering

TL;DR

Globe Life is selling new debt (senior notes) - likely to fund growth or pay off other debts.

AI Summary

Globe Life Inc. announced on August 26, 2024, that it entered into a Material Definitive Agreement related to a senior notes offering. The filing also includes financial statements and exhibits, with the earliest event reported on August 20, 2024.

Why It Matters

This filing indicates Globe Life Inc. is raising capital through debt, which could be used for acquisitions, expansion, or to refinance existing debt.

Risk Assessment

Risk Level: medium — Debt offerings can increase financial leverage and interest expenses, impacting profitability and financial flexibility.

Key Players & Entities

• GLOBE LIFE INC. (company) — Registrant
• August 26, 2024 (date) — Date of Report
• August 20, 2024 (date) — Earliest Event Reported
• 3700 South Stonebridge Drive (address) — Business Address
• McKinney (city) — Business Address City
• TX (state) — Business Address State
• 75070 (zip_code) — Business Address Zip

FAQ

Key Financial Figures

• $1.00 — nged on which registered Common Stock, $1.00 par value per share GL New York Stock E
• $450,000,000 — fe") completed the issuance and sale of $450,000,000 aggregate principal amount of Globe Lif
• $444.6 m — o Globe Life from the Notes Offering is $444.6 million, after deducting the underwriting

Filing Documents

• gl-20240826.htm (8-K) — 41KB
• globelifeinc-underwritinga.htm (EX-1.1) — 328KB
• globelifeinc-fourthsupplem.htm (EX-4.2) — 97KB
• globelifeinc-mtunqualified.htm (EX-5.1) — 15KB
• image_0.jpg (GRAPHIC) — 82KB
• image_0a.jpg (GRAPHIC) — 66KB
• 0000320335-24-000052.txt ( ) — 932KB
• gl-20240826.xsd (EX-101.SCH) — 2KB
• gl-20240826_def.xml (EX-101.DEF) — 15KB
• gl-20240826_lab.xml (EX-101.LAB) — 27KB
• gl-20240826_pre.xml (EX-101.PRE) — 16KB
• gl-20240826_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On August 23, 2024, Globe Life Inc. ("Globe Life") completed the issuance and sale of $450,000,000 aggregate principal amount of Globe Life's 5.850% Senior Notes due 2034 (the "Notes"), at a price to the public of 99.799% (the "Notes Offering"). In connection with the Notes Offering, Globe Life entered into an Underwriting Agreement dated August 20, 2024 (the "Underwriting Agreement") with BofA Securities, Inc., Regions Securities LLC, Truist Securities, Inc., and Wells Fargo Securities, LLC, as representatives of the several underwriters named in Schedule A thereto. The Underwriting Agreement includes customary representations, warranties and covenants by Globe Life. The Underwriting Agreement also provides for customary indemnification by each of Globe Life and the underwriters named therein against certain liabilities arising out of or in connection with the sale of the Notes. The foregoing summary of the terms of the Underwriting Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Underwriting Agreement, included as Exhibit 1.1 hereto, which is incorporated herein by reference. The estimated net proceeds to Globe Life from the Notes Offering is $444.6 million, after deducting the underwriting discount and estimated offering expenses payable by Globe Life. Globe Life intends to use the net proceeds for general corporate purposes, which may include open market purchases of shares of its common stock under its share repurchase program, additional capital investments in its insurance subsidiaries, additional holding company liquidity and repayment of a portion of its outstanding commercial paper. The Notes Offering was completed pursuant to the prospectus, filed as part of Globe Life's shelf registration statement on Form S-3 (File No. 333-280641), as supplemented by a prospectus supplement in preliminary form dated August 20, 2024 and in fina

01 Financial Statement and Exhibits

Item 9.01 Financial Statement and Exhibits (d) Exhibits. The documents filed herewith are incorporated by reference into Globe Life's shelf registration statement on Form S-3 (File No. 333-280641). Exhibit No. Description 1.1 Underwriting Agreement, dated August 20, 2024, between Globe Life and BofA Securities Inc., Regions Securities, LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named in Schedule A thereto. 4.1 Senior Indenture, dated as of September 24, 2018, between Globe Life Inc. and Regions Bank, as Trustee (incorporated by reference to Exhibit 4.1 to Globe Life's Registration Statement on Form S-3 (File No. 333-227501) filed with the Securities and Exchange Commission on September 24, 2018). 4.2 Fourth Supplemental Indenture, dated as of August 23, 2024, between Globe Life Inc. and Regions Bank, as Trustee. 4.3 Form of 5.850% Senior Notes due 2034 (included in Exhibit 4.2). 5.1 Opinion of McAfee & Taft A Professional Corporation. 23.1 Consent of McAfee & Taft A Professional Corporation (included in Exhibit 5.1). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GLOBE LIFE INC. Date: August 26, 2024 /s/ Christopher T. Moore Christopher T. Moore Corporate Senior Vice President, Associate Counsel and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR