F&G Annuities & Life slides after unveiling stock offering

Shares of F&G Annuities & Life Inc FG.N down 11% at $38.04, over 7-mth low, early Thurs after co disclosed planned equity offering

Des Moines, Iowa-based insurer late Weds said it would sell 8 mln shares, per the SEC prospectus filing

Co to use net offering proceeds for general purposes, including support of organic growth opportunities

Fidelity National Financial FNF.N indicated to buy 4.5 mln shares of the offering, which would boost its ownership to ~110.9 mln shares, or 82% stake

Post offering, F&G would have ~134.77 mln shares outstanding

BofA and JP Morgan are jt bookrunners

Jacksonville, Florida-based P&C insurer Fidelity National spun off F&G in Dec 2022

FG shares are very thinly traded. Just ~78k shares have changed hands so far on Thurs vs stock's 90-day avg volume of ~71k, per LSEG data

With move on the session, stock off ~8% YTD