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Athene launches any-and-all tender offers for two 2027 FA-backed notes
By Marisa Wong
Los Angeles, Sept. 6 – Athene Holding Ltd. announced that Athene Global Funding has begun offers to purchase any and all of its $500 million outstanding series 2022-6 3.205% senior secured medium-term notes due March 2027 (Cusip: 04685A3L3, 04686E3S9) and any and all of its $650 million outstanding series 2020-5 2.45% senior secured medium-term notes due August 2027 (Cusip: 04685A2P5, 04686E2S0, 04686E2R2).
The offers for the two series of funding agreement-backed notes are two separate offers, according to a Tuesday press release.
Pricing for both offers will be based on the 3.125% U.S. Treasury due Aug. 31, 2027 and a fixed spread of 185 basis points. Pricing will be determined at 2 p.m. ET on Sept. 12.
In addition, holders will receive accrued interest to but excluding the applicable settlement date.
The offers expire at 5 p.m. ET on Sept. 12. The expiration time is also the withdrawal deadline.
Settlement is slated for Sept. 13.
Tenders under guaranteed delivery procedures are due by 5 p.m. ET on Sept. 14. Settlement for those tenders is expected to be Sept. 15.
The issuer intends to use funds paid by Athene Annuity and Life Co. to purchase the series 2022-6 notes and to use funds paid by Athene Annuity & Life Assurance Co. to pay for the series 2020-5 notes.
The series 2022-6 offer is not conditioned on the series 2020-5 offer, and vice versa.
Deutsche Bank Securities Inc. (212 250-2955 or 866 627-0391) and Morgan Stanley & Co. LLC (212 761-1057 or 800 624-1808) are dealer managers for the offers.
Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 855 654-2015 for holders; contact@gbsc-usa.com) is the information agent and tender agent.
Athene, through its subsidiaries, is a financial services company specializing in retirement services. The company is based in Hamilton, Bermuda.
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