SBL Holdings, Inc. Announces Issuance of $500 Million of Senior Notes due 2028 and Calls its Senior Notes due 2026 for Redemption

Parent of Security Benefit Life Insurance Company diversifies investor base and capitalizes on current market opportunity to refinance

TOPEKA, Kan.--(BUSINESS WIRE)--SBL Holdings, Inc. (“Security Benefit”) today announced the completion of an offering of $500 million of 5.900% senior notes due 2028. Security Benefit is the parent company of Topeka-based Security Benefit Life Insurance Company.

Security Benefit intends to use the net proceeds of the issuance principally to redeem in whole its 5.125% senior notes due 2026, of which $374,457,000 are outstanding. The redemption date will be October 14, 2025. The remaining net proceeds will be available for general corporate purposes.

The new notes due 2028 have been assigned a rating of BBB- (Stable Outlook) by S&P Global Ratings and BBB- (Stable Outlook) by Fitch Ratings, Inc.

“We were able to leverage our financial strength, consistent earnings, and sustainable business model, while taking advantage of this moment in rates and spreads, to refinance our senior notes due 2026,” said Doug Wolff, CEO of Security Benefit. “The securities were offered on an attractive basis and added additional available capital to Security Benefit.” Brian Beckett, CFO of Security Benefit, added, “The new senior notes further diversify our investor base, together with our successful offerings last October and this past April. We were pleased to see the confidence expressed in Security Benefit, as investors in these new notes included some holders of the notes being redeemed.”

The redemption price for the notes due 2026 will be the greater of (i) 100% of the principal amount of the notes at the redemption date and (ii) the required “make-whole” amount, plus, in each case, accrued and unpaid interest to, but not including the redemption date. The make-whole amount will be based on the Treasury Rate (as defined in the indenture governing the notes due 2026) plus 50 basis points.

A formal notice of redemption of the notes due 2026 will be sent to holders.

This press release and the notice of redemption are posted at www.securitybenefit.com under the “Investor Relations” tab.

This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of SBL Holdings, Inc. or Security Benefit Life Insurance Company or a notice of redemption of the senior notes due 2026.

The senior notes due 2028 were offered and issued in compliance with Rule 144A/Reg S procedures under the Securities Act of 1933 (the “Securities Act”). The notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and may not be offered or sold in the United States or to U.S. persons without registration under the Securities Act or the applicable securities laws of any other jurisdiction or an applicable exemption from the registration requirements.

About Security Benefit
SBL Holdings, Inc., through its subsidiary Security Benefit Life Insurance Company, a Kansas-domiciled insurance company that has been in business for more than 133 years, is a leader in the U.S. retirement market. Security Benefit, together with its affiliates, offers products in a full range of retirement markets and wealth segments for employers and individuals and held $57.6 billion in assets under management as of June 30, 2025. Security Benefit, an Eldridge Industries business, continues its mission of helping Americans To and Through Retirement^®. Learn more at www.securitybenefit.com and follow us on LinkedIn, Facebook, and X.