American Equity returns with upsized $400 million notes offering; pricing expected Friday

By Paul A. Harris

Portland, Ore., July 11 - American Equity Investment Life Holding Co. returned to the primary market on Thursday with an upsized $400 million offering of eight-year senior notes (/BB+/BB), according to a market source and a 424B5 filing with the Securities and Exchange Commission.

An investor call is set for 9 a.m. ET on Friday, and the deal is expected to price at midday on the same day.

The company postponed a similarly structured $250 million offer on June 21 due to market conditions.

As before, J.P. Morgan Securities LLC has the books for the offering that has been registered with the SEC.

SunTrust Robinson Humphrey Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Raymond James & Associates Inc. and FBR Capital Markets & Co. are the co-managers.

The notes come with four years of call protection.

The West Des Moines, Iowa-based underwriter of annuities and life insurance products plans to use the proceeds to repay debt and for general corporate purposes.

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