The securities are intended to serve as a source of contingent liquidity

Davis Polk advised the representatives of the initial purchasers in connection with a $500 million Rule 144A offering of pre-capitalized trust securities (P-Caps) redeemable 2055 intended to serve as a source of contingent liquidity for Globe Life Inc. The P-Caps were issued by Henneman Trust, a Delaware statutory business trust. In connection with the P-Caps issuance, Globe Life also entered into a facility agreement with the trust under which Globe Life will have the right to issue up to $500 million of its 6.580% senior notes due 2055 to the trust from time to time in exchange for U.S. Treasury STRIPS, which were purchased by the trust with the proceeds from the P-Caps offering.

Based in McKinney, Texas, Globe Life Inc. is an insurance holding company that provides individual life and supplemental health insurance and related products.

The Davis Polk capital markets team included partner Alan F. Denenberg and associates Savannah J. Dowling and Yan Zhan. The derivatives team included partner Caitlin L. Wood and counsel Katharine O’Banion. The tax team included partner Aliza Slansky and associates Yueyu Yang and Fred Fu. Counsel Chaoyuan (Charles) Shi provided executive compensation advice. The intellectual property team included counsel Christopher C. Woller. Members of the Davis Polk team are based in the Northern California and New York offices.

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