Athene Holding (NYSE:ATH) Ltd., a life insurance company, has created a direct financial obligation through the issuance of $600 million in subordinated debentures, as disclosed in a recent SEC filing. The debentures, with a fixed-rate reset, are due in 2054 and were issued on Thursday.
The 6.625% Fixed-Rate Reset Junior Subordinated Debentures, due 2054, were sold under an underwriting agreement with Wells Fargo (NYSE:WFC) Securities, LLC, BofA Securities, Inc., Goldman Sachs & Co (NYSE:GS). LLC, and Morgan Stanley & Co (NYSE:MS). LLC. The debentures will initially bear interest at a fixed rate of 6.625% per annum until October 15, 2034. Post the first reset date, the interest rate will be adjusted every five years to the Five-Year U.S. Treasury Rate plus 2.607%.
Interest payments are scheduled semi-annually with the first payment expected on April 15, 2025. The offering was made pursuant to an existing shelf registration statement and managed by a syndicate of underwriters.
The SEC filing also noted that Apollo Global Management (NYSE:APO), Inc., the parent company of Athene, will host a conference call on November 5, 2024, to discuss financial results for the third quarter ended September 30, 2024, which will include information about Athene's financial performance.
Athene's financial obligations and operations are based in West Des Moines, Iowa, with the company incorporated in Delaware. The information reported is based on a press release statement.
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