Annuity company Athene Holding (NYSE:ATH) has priced their new large offering of fixed to floating rate preferred with an initial coupon of 6.35%
The company will sell 30 million shares with an additional 4.5 million available for over allotments.
The issue will be non-cumulative being a financial company, but dividends should be qualified for preferential tax treatment.
The coupon will float beginning on 6/30/2029 at a rate of 3 month Libor plus a spread of 4.253%
The shares are rated investment grade by Standard & Poors (BBB-) and BBB- by Fitch.
Shares are to trade on the OTC Grey Market under temporary ticker ATHDF.