Athene prices preference shares
Bermudian life reinsurer Athene Holding today revealed the scale and pricing of its planned preference share offering.
Athene will offer $750 million worth of shares with a fixed-to-floating yield of 6.35 per cent.
Athene said the offering was expected to close next Monday, subject to satisfaction of customary closing conditions.
The depositary shares, which carry an initial value of $25, will trade on the New York Stock Exchange under the ticker symbol “ATHPrA”.
Athene has granted the underwriters the option to purchase up to an additional 4.5 million depositary shares solely to cover over-allotments, if any, within 30 days of the date of the prospectus supplement.
The proceeds will be used for general corporate purposes, Athene said, including funding commitments in connection with transactions undertaken by Athene Co-Invest Reinsurance Affiliate.