American Equity announces mandatory redemption for 5.25% convertibles

By Tali David

Minneapolis, March 27 - American Equity Investment Life Holding Co. issued a notice of mandatory redemption of all $28,243,000 of its 5.25% contingent convertible senior notes due 2024, according to a news release.

The convertibles will be redeemed at par plus accrued interest on April 30.

The convertibles may be converted at any time before the close of business on the second business day immediately preceding the redemption date. The current conversion price is $13.74 per share of the company's common stock.

U.S. Bank NA is the trustee.

American Equity is a West Des Moines, Iowa-based insurance company.

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