3 Jan, 2022

HG bonds: GA Global Funding Trust makes quick return with secured notes; terms

GA Global Funding Trust today completed $1.1 billion, two-part offering backed by funding agreements across issues due 2027 and 2032.

The issuer last tapped the market in early December 2021 when it placed a $600 million offering of 1.25% two-year funding agreement-backed notes due December 2023 at T+60.

GA Global Funding Trust is a newly formed special purpose statutory trust organized under the laws of Delaware. The notes issued by GA Global Funding Trust are secured by funding agreement contract obligations issued by Forethought Life Insurance Co., which is a core entity within Global Atlantic Financial Group Ltd., a Bermuda-based insurance company.

Of note, KKR & Co. in February 2021 completed its previously announced acquisition of Global Atlantic Financial Group.

Terms:

Issuer GA Global Funding Trust
Ratings A-/A3/A
Amount $550 million
Issue 144A/Reg S funding-agreement backed notes
Coupon 2.250%
Price 99.972
Yield 2.256%
Spread T+90
Maturity Jan. 6, 2027
Price talk Guidance: T+90; IPT: T+105 area
Bookrunners BNP/GS/JPM/WFC
Issuer GA Global Funding Trust
Ratings A-/A3/A
Amount $550 million
Issue 144A/Reg S funding-agreement backed notes
Coupon 2.900%
Price 99.836
Yield 2.919%
Spread T+130
Maturity Jan. 6, 2032
Trade (date) Jan. 3, 2022
Settle Jan. 6, 2022
Bookrunners BMO/JPM/USB/WFC
Price talk Guidance: T+130; IPT: T+145 area
Notes Proceeds will be used to purchase funding agreements.