American Equity to give investor shares in exchange for some 5.25% convertibles due 2024

By Susanna Moon

Chicago, May 18 - American Equity Investment Life Holding Co. plans to issue 5 million common shares in exchange for $37,158,000 principal amount of its outstanding 5.25% contingent convertible senior notes due 2024, according to an 8-K filing with the Securities and Exchange Commission.

The company said it entered into an agreement with an institutional holder on May 15.

American Equity will not receive any cash proceeds as a result of the exchange.

Following the exchange, there will be $144,766,000 of the notes outstanding.

The West Des Moines, Iowa-based insurance company said it may consider additional exchanges.

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