American Equity to exchange $30.5 million 5.25%, 3.5% convertibles

By Tali David

Minneapolis, Nov. 14 - American Equity Investment Life Holding Co. has reached an agreement to exchange $14.9 million of its 5.25% contingent convertible senior notes due 2029 and $15.6 million of its 3.5% convertible senior notes due 2015, according to an 8-K filing with the Securities and Exchange Commission.

In exchange, the company is offering cash and newly issued shares of common stock.

The number of shares will be based on the volume-weighted average price of the company's stock on the New York Stock Exchange during an exchange period that began on Nov. 11.

American Equity Life said that it expects the number of shares to be more than 1% but less than 2% of the total common stock outstanding.

American Equity is a West Des Moines, Iowa-based insurance company.

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