Published on 3/19/2024 in the Prospect News Investment Grade Daily.
New Issue: Athene prices $1 billion of 6.25% senior notes due 2054 at Treasuries plus 185 bps
Chicago, March 19 – Athene Holding Ltd. priced $1 billion of 6.25% senior notes due 2054 (Baa1/A-/BBB+) on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
Pricing at 99.381, the yield was 6.296% and the spread was 185 basis points over the benchmark Treasury.
Call protection includes a Treasuries plus 30 bps make-whole premium until the six-month par call period.
The joint bookrunners are Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC.
Proceeds will be used for general corporate purposes, including capital contributions to Athene’s insurance subsidiaries to support company growth.
Hamilton, Bermuda-based Athene is a retirement services company that issues, reinsures and acquires retirement savings products.
| Issuer: | Athene Holding Ltd.
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| Amount: | $1 billion
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| Issue: | Senior notes
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| Maturity: | April 1, 2054
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| Bookrunners: | Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC
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| Co-managers: | Apollo Global Securities, LLC, Barclays, BNP Paribas Securities Corp., BMO Capital Markets Corp. and Blaylock Van, LLC
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| Trustee: | U.S. Bank Trust Co., NA
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| Counsel to issuer: | Sidley Austin LLP
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| Counsel to underwriters: | Fried, Frank, Harris, Shriver & Jacobson LLP
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| Coupon: | 6.25%
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| Price: | 99.381
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| Yield: | 6.296%
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| Spread: | Treasuries plus 185 bps
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| Call features: | Make-whole call at Treasuries plus 30 bps; par call starts Oct. 1, 2053
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| Trade date: | March 19
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| Settlement date: | March 22
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| Ratings: | Moody’s: Baa1
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| S&P: A-
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Cusip: | 04686JAH4
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