Globe Life Inc. (GL) Enters Second Amended and Restated Credit Agreement

On March 29, 2024, Globe Life Inc. (NYSE: GL) and its subsidiary TMK Re Ltd. (“TMK”) entered into a Second Amended and Restated Credit Agreement among Bank of America, N.A. (“BofA), as Administrative Agent, Swing Line Lender, and L/C Administrator, each Lender from time to time a party thereto, Globe Life, as the Borrower, and TMK as a Loan Party (the “Second Amended and Restated Credit Agreement”). The Second Amended and Restated Credit Agreement amends and restates the Amended and Restated Credit Agreement among the parties dated September 30, 2021 (the “Original Credit Agreement”).

The Second Amended and Restated Credit Agreement amends the following material terms of the Original Credit Agreement:

•Increasing the amount of the revolving credit facility from $750,000,000 to $1,000,000,000;
•Providing Globe Life with the ability to request an increase in the amount of revolving credit facility up to $1,250,000,000; provided the increase shall be in increments of $25,000,000 and Globe Life may make no more than two requests for such an increase per calendar year;
•Increasing the sublimit for same-day swing line loans from $35,000,000 to $50,000,000;
•Increasing the amount of FHLB debt that our insurance subsidiaries may incur and liens securing such FHLB debt from $1,500,000,000 to $2,500,000,000;
•Extending the Maturity Date to March 29, 2029; and
•Deleting Globe Life’s option to enter into an ESG amendment to the Second Amended and Restated Credit Agreement.

The credit facility may be extended for up to two one-year periods upon Globe Life’s request. Pursuant to this credit facility, the participating lenders have agreed to make revolving loans to Globe Life and to issue, up to a $250 million sublimit, either secured or unsecured letters of credit for either Globe Life or TMK, in the form of several letters of credit or fronted letters of credit. The foregoing description of the Second Amended and Restated Credit Agreement is qualified in its entirety by reference to the Second Amended and Restated Credit Agreement, which is attached to this Form 8-K as Exhibit 10.1 and which is incorporated by reference herein.

Globe Life and its subsidiaries from time to time have had, and may continue to have, various commercial, lending or other relationships with certain of the banks that are a party to the Second Amended and Restated Credit Agreement and their affiliates.

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