Athene enters into five-year $1.25 billion revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, Dec. 3 – Athene Holding Ltd., Athene Life Re Ltd., Athene USA Corp. and Athene Annuity Re Ltd. entered on Tuesday into a credit agreement with a syndicate of banks, including Citibank, NA as administrative agent providing for a five-year $1.25 billion revolver, according to an 8-K filing with the Securities and Exchange Commission.

The company may increase the revolver up to $1.75 billion.

The credit facility is unsecured and has a commitment termination date of Dec. 3, 2024, subject to up to two one-year extensions.

Interest on outstanding borrowings accrues at Libor plus a margin ranging from 100 basis points to 162.5 bps, depending on credit ratings. The initial margin is 125 bps.

The fee on undrawn commitments ranges from 10 bps to 30 bps, depending on ratings, and is initially 15 bps.

Financial covenants include a minimum consolidated net worth of $7,263,718,000 and a maximum consolidated debt to capitalization ratio of 35%.

Citigroup Global Markets Inc., Barclays Bank plc, BofA Securities, Inc., RBC Capital Markets and Wells Fargo Securities, LLC are the lead arrangers and book managers.

Barclays, Bank of America, NA, Royal Bank of Canada and Wells Fargo Bank, NA are the syndication agents.

Proceeds may be used for working capital and general corporate purposes.

The credit agreement replaces the company’s credit agreement dated Jan. 22, 2016, which was terminated.

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

© 2015 Prospect News.
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