By James McCandless
San Antonio, Dec. 16 – Athene Holding Ltd. priced a $550 million offering of $25-par series D fixed-rate perpetual non-cumulative preference shares (BBB-/BBB-) with a dividend of 4.875% on Monday, according to an FWP filing with the Securities and Exchange Commission.
There is a $50 million greenshoe.
BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the joint bookrunners.
Lead managers were Barclays, BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc.
Dividends are payable on March 30, June 30, Sept. 30 and Dec. 30, starting on March 30, 2021.
The preferreds are redeemable on or after Dec. 30, 2025 at par. Prior to that, the preferreds are redeemable at the company’s option at $26.00, after a change in tax law at $25.00, within 90 days after a capital disqualification event at $25.00 or within 90 days after a rating agency event at $25.50.
Athene plans to use the proceeds for general corporate purposes.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “ATHPrD.”
Athene is a Bermuda-based retirement services provider.
| Issuer: | Athene Holding Ltd.
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| Description: | Series D fixed-rate perpetual non-cumulative preference shares
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| Amount: | $550 million, 22 million shares
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| Greenshoe: | $50 million, or 2 million shares
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| Maturity: | Perpetual
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| Bookrunners: | BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC
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| Lead managers: | Barclays, BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc.
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| Dividend: | 4.875%
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| Price: | Par of $25.00
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| Yield: | 4.875%
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| Call: | On or after Dec. 30, 2025 at par; prior to that, at the company’s option at $26.00, after a change in tax law at $25.00, within 90 days after a capital disqualification event at $25.00 or within 90 days after a rating agency event at $25.50
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| Pricing date: | Dec. 14
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| Settlement date: | Dec. 18
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| Ratings: | S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
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| Listing: | NYSE: ATHPrD
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