Athene has raised $1 billion through a senior debt offering, with some of the proceeds to support growth across its insurance subsidiaries.

The retirement-services group, whose Athene Life Re subsidiary is based in Bermuda, priced the 6.15 per cent senior notes at 99.857 per cent of their face value.

Athene expects to receive about $992.1 million before expenses from the offering, which was due to close yesterday. The notes mature in August 2036, with interest payable twice a year beginning in February.

The company said the money would be used for general corporate purposes, including capital contributions to insurance subsidiaries to support organic growth. It did not identify which subsidiaries would receive funds or say whether capital would be directed to Athene Life Re, one of the group’s principal reinsurance companies.

Athene Holding Ltd moved its place of incorporation from Bermuda to Delaware at the end of 2023, although the group still has a major presence in the jurisdiction.

The new notes are expected to receive investment-grade ratings of Baa1 from Moody’s, A-minus from S&P and BBB-plus from Fitch. Their effective yield is 6.169 per cent, or 1.55 percentage points above the comparable United States Treasury yield.

Athene had about $6.1 billion of senior notes and $1.74 billion of junior subordinated debt outstanding at March 31. The latest transaction would increase its senior-note principal to about $7.1 billion.

The company reported $448 billion in total assets at the end of the first quarter, together with $19.3 billion in cash, restricted cash and cash equivalents and $33.7 billion in total equity.

The fundraising follows Athene’s expansion of its available financing in June, when it secured a new $1.75 billion revolving credit facility and subsidiaries arranged a separate $2.6 billion liquidity facility.