Fidelity & Guaranty Life Prices IPO At $17/shr, Low End Of Expected Range

(RTTNews) - Fidelity & Guaranty Life announced that on Thursday it has priced an initial public offering of 9.75 million shares of common stock at a price to the public of $17.00 per share, which is low end of previously estimated $17.00 to $19.00 per share range.

The shares are expected to begin trading on the New York Stock Exchange on December 13, 2013 under the ticker symbol "FGL". The Company has granted the underwriters a 30-day option to purchase from the Company up to an additional 1.46 million shares of common stock.

Credit Suisse, J.P. Morgan and Jefferies are serving as lead joint book-running managers and as representatives of the underwriters for the offering. Macquarie Capital and RBC Capital Markets are acting as book-running managers. Nomura, Sandler O'Neill + Partners, L.P., Sterne Agee, Cantor Fitzgerald & Co. and Dowling & Partners Securities LLC are acting as co-managers for the offering.

Fidelity & Guaranty Life is a primary life insurance and fixed annuity company, with a focus on serving the middle-income market. Fidelity & Guaranty Life's products are distributed by independent agents through an established network of independent marketing organizations. It is headquartered in Des Moines, Iowa.