American Equity exchanges shares, cash for 5.25% convertibles

By Tali Rackner

Norfolk, Va., Feb. 10 - American Equity Investment Life Holding Co. issued 946,793 shares of common stock and paid cash in exchange for $22.7 million of 5.25% contingent convertible senior notes due 2029 under a privately negotiated exchange agreement reached on Dec. 18, according to an 8-K filing with the Securities and Exchange Commission.

The company said it may tender for, redeem or repurchase additional outstanding convertibles. The form and timing of any such activity will be dependent on market conditions and other factors, and there is assurance that the activity will be completed prior to the December 2014 call date for the 2029 notes or the September 2015 maturity date for the company's 3.5% convertible senior notes due 2015.

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

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