Sidley represented SBL Holdings, Inc. in a US$425 million Rule 144A/Reg S offering of perpetual preferred stock that closed in June. SBLH is the parent company of Security Benefit Life Insurance Company and is a subsidiary of Eldridge Industries, LLC, a Sidley client majority owned and controlled by Todd Boehly. SBLIC, headquartered in Topeka, Kansas, is a broad-based, national retirement savings company focused on helping pre- and post-retirees achieve financial security through annuities and other products.
This offering was the fifth capital markets offering by SBLH or SBLIC since 2019. The offerings total US$2.3 billion and consist of two senior notes offerings by SBLH, a previous perpetual preferred offering by SBLH, and a funding agreement-backed note offering under a new SBLIC program. Sidley represented the issuer in each offering and also represents SBLH in its senior bank credit facility.
The Sidley teams were based principally in New York, Chicago, and Dallas and included professionals in insurance, capital markets, and finance. SBLH and SBLIC are also represented internally by John Guyot (General Counsel) and Christopher Swickard (Associate General Counsel).