Security Benefit Raises $650M Through Senior Notes Offering

SBL Holdings, Inc., the parent company of Security Benefit Life Insurance Company, announced the successful offering of $650 million in senior notes with a 7.2% interest rate due in 2034. The funds will be used primarily to pay down existing borrowing under its corporate revolving credit facility while the remaining amount will support general corporate purposes. The issuance has received ratings of BBB- with a stable outlook from both S&P Global Ratings and Fitch Ratings, indicating trust in Security Benefit's business model and financial stability. This transaction aims to enhance the company's capital position and broaden its investor base. Security Benefit operates in the retirement market, managing $52.8 billion in assets as of mid-2024.