Athene to price $25-par perpetual non-cumulative preference shares

By William Gullotti

Buffalo, N.Y., Dec. 5 – Athene Holding Ltd. plans to price an $25-par series E fixed-rate reset perpetual non-cumulative preference shares, according to a 424B2 filing with the Securities and Exchange Commission.

Each depositary share represents 1/1,000 of an interest in the series E fixed-rate reset perpetual non-cumulative preference shares.

The dividend rate for the preferreds will reset on five-year intervals starting Dec. 30, 2027.

The preference shares may be redeemed early at the company’s option, in whole or in part, on or after the first reset date at par. Prior to that, the preferreds are redeemable at the company’s option at par, after a change in tax law or capital disqualification event, at 102 within 90 days after a rating agency event or at 104 prior to a voting event.

Wells Fargo Securities, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are the joint bookrunning managers for the offering.

U.S. Bank NA is the trustee for the perpetual preferreds. Computershare Trust Co., NA will be the transfer agent and registrar, with Computershare Inc. as dividend disbursing agent and redemption agent, for the depositary shares.

Conyers Dill and Pearman and Sidley Austin LLP are counsel to the issuer. Appleby (Bermuda) Ltd. and Fried, Frank, Harris, Shriver & Jacobson LLP are counsel to the underwriters.

The company plans to list the preferreds on the New York Stock Exchange under the symbol “ATHPrE.”

Proceeds will be used for general corporate purposes, including capital contributions to insurance subsidiaries to support organic growth.

Athene is a Bermuda-based retirement services provider.

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