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Globe Life Inc., 6.125% Junior Subordinated Debentures due 6/15/2056
Ticker Symbol: GL-C* CUSIP: 37959E201 Previous CUSIP: 891027401 Exchange: NYSE
* NOTE: This security is no longer trading as of 7/15/2021
Security has been Called for: Thursday, July 15, 2021
QUANTUMONLINE.COM SECURITY DESCRIPTION: Globe Life Inc., formerly, Torchmark Corp., 6.125% Junior Subordinated Debentures due 2056, issued in $25 denominations, redeemable at the issuer's option on or after 6/15/2021 at $25 per note plus accrued and unpaid interest, and maturing 6/15/2056. Interest distributions of 6.125% per annum ($1.53125 per annum or $0.38281 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be 3/1, 6/1, 9/1 & 12/1 respectively (NOTE: the ex-dividend date is one business day prior to the record date). The issuer may redeem the debentures, in whole but not in part, at any time prior to 6/15/2021, within 90 days of the occurrence of a tax event or a rating agency event (see prospectus for further information). The issuer has the right on one or more occasions to defer the payment of interest on the debentures for up to five consecutive years (see prospectus for further information). Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. This security was rated as Baa2 by Moody’s and BBB+ by S&P at the date of its IPO. The debentures are unsecured and junior subordinated obligations of the company and will rank junior to all existing and future unsecured senior indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (GL)
IPO - 3/30/2016 - 12.00 Million Debentures @ $25.00 /deb.
Link to IPO Prospectus
Previous Ticker Symbol: TMK-C Changed: 8/09/2019
Previous Name: Torchmark Corp., 6.125% Junior Subordinated Debentures due 06/15/2056 Changed: 8/09/2019
Market Value $300.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 3700 South Stonebridge Drive, McKinney, TX 75070 |
Main Phone Number |
972-569-4000 |
Fax Number |
972-569-3282 |
Investor Relations
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972-569-3627
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Toll Free Phone Number |
Unknown |
CEO - Larry M. Hutchison |
CEO - Gary L. Coleman |
CFO - Frank M. Svoboda |
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