American Equity draws full $300 million under five-year term loan

By Marisa Wong

Los Angeles, July 11 – American Equity Investment Life Holding Co. borrowed on July 6 $300 million under its five-year $300 million unsecured delayed draw term loan credit agreement dated Feb. 15, according to an 8-K filing with the Securities and Exchange Commission.

This loan matures on Feb. 15, 2027.

As previously reported, the company could draw up to three loans until six months after closing. Loans will bear interest at spread-adjusted term SOFR plus a margin ranging from 125 basis points to 200 bps, based on the company’s S&P credit rating. The spread adjustment will range from 10 bps to 25 bps.

Citizens Bank, NA is the administrative agent.

American Equity is a West Des Moines, Iowa-based underwriter of annuities and life insurance products.

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