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Globe Life Inc to Sell New Baby Bonds in a Refi Transaction

Globe Life Inc (GL) will be selling a new issue of subordinated notes – no doubt with a low coupon as the company is investment grade. The issue will have a maturity date in 2061

GL will use the proceeds to redeem all or a portion of their currently outstanding 6.125% baby bonds which become redeemable next week.

The preliminary prospectus can be read here.

EarlyBird was a earlybird on this one with 2whiteroses chiming in.

16 thoughts on “Globe Life Inc to Sell New Baby Bonds in a Refi Transaction”

  1. Investing in bonds is not a short term game. It USED to be a prudent long term plan. I can no longer make a realistic plan. I have lost my stature in my country. I used to believe in all that crap. Now, it’s roulette and cyber-betting. Now, I am supposed to parlay my call into another bet with worse odds?
    The Tranche Stealers from banks and Wall Street, emboldened by The Fed as ‘standard procedure’ HAVE, (not are) decimated the middle class from self-sufficiency and playing their real role in the American Capitalists’ Society to shills with a myth to clutch to their breast, whose buying power is based on more credit, debt and govt payments.
    Time to be an independent thinker and actor.

    1. Joel; You sound really down in the dumps with your post. I appreciate your post. I could give you 3 to 4 names to look at that I own large positions in but there’s no way to send a PM. I don’t like posting ideas here as there are several posters that are quite nasty.

      1. If you both sign up for free on Seeking Alpha, you can private message anyone on that website. I have done so with a few folks.

    1. 4,25 for 40y as internst Rates are climbing! Wow. You would better stay with Treasuries.

      1. Mike, it depends on ones reference point. 10 year is down 20 bps which means yield has declined about 12% in past month. Crazy isnt it.

        1. Grid,
          I have been nibbling on your LBRDP and picked up more WCC-A. Per Schwab.com, Citi analyst upgraded LBRDA for whatever strange reason. WCC common which does not pay dividends but was noted as BUYBACK on Schwab.com. I am not good to dicker with the lowest price to buy. Then these two do have very juicy dividends or interest. Safe Bulkers, C and D seem to be safe. However, the announcement on GLOP could be bothersome.

          It https://seekingalpha.com/pr/18351629-gaslog-ltd-announces-closing-of-take-private-transaction-blackrock-s-global-energy-and-power?mail_subject=pre-market-summary-on-your-portfolio-portfolio-1&utm_campaign=nl-portfolio&utm_content=link-48&utm_medium=email&utm_source=seeking_alpha
          GLOG-A remains a darn good holding with possible call risk. GLOP-A, B and C may depend on BX’s integrity. If BX is like Brookfield which took over TK offshore, continue to pay its preferreds with new symbols, then all is well. GLOP A, B and C were recently ex dividended with share prices declining but not yet drastically. Fidelity has now classified WCC-A as risky or cannot be bought, while it does permit purchase of QRTEP. I am not sure how the Fed rate would be or the alleged inflation, be it transitory or otherwise, it seems that these low coupon SWANs could face some risk of taper fear going forward. Just MHO. BTW, the eREIT or leaveraged ETF such as RQI, AWP, came back alive. IRM and MWP are decent holds. I did managed to pick up some right before it went up nicely. SBRA more risky it seems. I sold all my KRG with some profits. Great sentiment as Schwab.com would call it, insufficient yield at this time. Ditto for MAC (stupid idea Mall). Brookfield Property common (Mall) should be much safer. Sold some and kept the remaining. Picked up DEA, government eREIT, good balance sheet. Very bad sentiment, betting on their recovery with their recent low interest debt buying some postal service building.
          Thanks for all your picks, Grid. All my best to you and your GF.

          1. Well John, I gotta thank you also. You wore me down enough several months ago to look at shippers, and they have done me very well. If I am gonna play in the 8% shark tank area, I want rising profits and rosy outlook. And in dry bulk it definitely is doing that. I would say Im around 10% of my holdings in shippers now. Cant say it is a long term hold, but no sweat now.

    2. Hi razor,

      Would you mind enlightening me, and perhaps others, where is this “talking” happening?


      1. Price talk is happening between clients and the Joint Book-Running Managers

        BofA Securities Morgan Stanley Wells Fargo Securities

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