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Annuity Provider Athene Holding LTD Announces New Preferred Issue

Athene Holding LTD (ATH) has announced the issuance of a new fixed-rate reset preferred. The issue will be non-cumulative.

This issue will be rated low investment grade by S&P at BBB-

A fixed-rate reset preferred will trade with a fixed coupon for about 5 years–meaning until 9/30/2025 in this case. After this point the coupon will reset every 5 years at the 5 year treasury rate plus a yet to be announced ‘spread’.

The new issue will trade under ticker ATH-C when it hits the NYSE after trading on the OTC grey market for maybe a week (OTC ticker yet to be announced).

The company currently has a fixed-to-floating rate preferred outstanding plus they have a fixed rate issue outstanding. These issues can be seen here.

The preliminary prospectus can be read here.

mcg was on top of this one.

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