American Equity to issue shares in exchange for 3.5% convertibles

By Jennifer Chiou

New York, April 11 - American Equity Investment Life Holding Co. will issue 975,492 shares of its common stock and pay cash in exchange for a portion of its 3.5% convertible senior notes due 2015 under a privately negotiated exchange agreement, according to an 8-K filing with the Securities and Exchange Commission.

The transaction is expected to close on April 15.

The company said it may tender for, redeem or repurchase additional outstanding convertibles.

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

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