On January 12, 2024, F&G Annuities & Life, Inc. closed the transaction. The company issued 5,000,000 shares of 6.875% Series A Mandatory Convertible Preferred Stock at an issue price of $50 per share for aggregate gross proceeds of $250,000,000. The transaction was approved by a committee of independent and disinterested directors of the Company.

Each share of Mandatory Convertible Preferred Stock will have a liquidation preference of $50 per share. The Mandatory Convertible Preferred Stock will automatically convert into shares of common stock of F&G on January 15, 2027. The conversion rate for each share of the Mandatory Convertible Preferred Stock will be no more than 1.1111 shares of common stock and no less than 0.9456 shares of common stock per share of Mandatory Convertible Preferred Stock, depending on the value of F&G's common stock.

The securities were sold in reliance on the exemption from registration provided by section 4(a)(2) of the securities act of 1933 and Regulation D.