F&G Annuities & Life slumps as $280 mln stock offering priced

F&G Annuities & Life Inc's FG.N shares down 5.3% premarket to $34.50, over 16-mth low, after equity raise

Des Moines, Iowa-based insurer late Thurs announced pricing of 8 mln shares at $35 for gross raise of $280 mln

Offering price represents 4% discount to stock's last close

FNF shares, which are very thinly traded, ended down nearly 15% on Thurs after co unveiled the offering with BofA and JP Morgan as jt bookrunners

Majority shareholder Fidelity National Financial FNF.N to purchase 4.5 mln shares of the offering, boosting its ownership to ~110.9 mln shares, or 82% stake

F&G plans to use net offering proceeds for general purposes, including support of organic growth opportunities

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

Billionaire investor and sports owner Bill Foley is F&G's board chairman and founder of Fidelity National

Meanwhile, Foley's investment firm Cannae Holdings CNNE.N, which was spun out of Fidelity National in 2017, is facing pressure from shareholder Carronade Capital Management

Carronade on Thurs called for board changes and for CNNE to sell its positions in public cos