Athene plans $200 million fixed-to-floating perpetual non-cumulative preferreds in 6.5% area

By James McCandless

San Antonio, June 5 – Athene Holding Ltd. plans to price a $200 million offering of $25-par series A fixed-to-floating rate perpetual non-cumulative preference shares with an initial dividend in the 6.5% area, according to a market source and a 424B2 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.

The preferreds are redeemable on or after June 30, 2029. Prior to that, they are redeemable after 30 days and no more than 60 days after a capital disqualification event.

The dividend is fixed until June 30, 2029, then converts to a floating rate of Libor plus a spread.

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 “ATHPrA.”

Athene is a Pembroke, Bermuda-based retirement services provider.

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