American Equity talks $400 million eight-year notes to yield 6½%-6¾%; pricing expected Friday

By Paul A. Harris

Portland, Ore., July 12 - American Equity Investment Life Holding Co. talked its $400 million offering of eight-year senior notes (/BB+/BB) to yield 6½% to 6¾% on Friday, according to a market source.

Books close at noon ET on Friday, and the deal is set to price shortly thereafter.

The company postponed a similarly structured $250 million offering 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 Securities and Exchange Commission.

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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