American Equity Prices $400 Million Public Offering of Depositary Shares Representing Series A Preferred Stock
November 14 2019 - 5:43PM
Business Wire
American Equity Investment Life Holding Company (NYSE: AEL)
(“American Equity” or the “Company”) announced today that it has
priced a public offering of 16 million depositary shares, each of
which represents a 1/1,000th interest in a share of its 5.95%
Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A, par
value $1.00 and $25,000 liquidation preference per share
(equivalent to $25.00 per depositary share). The Company intends to
list the depositary shares on the NYSE under the symbol “AELPRA.”
The offering is expected to close on November 21, 2019, subject to
customary closing conditions.
The Company intends to use the net proceeds from the offering to
redeem eight series of its outstanding subordinated debentures and
for general corporate purposes.
Morgan Stanley & Co. LLC, BofA Securities, Inc., Wells Fargo
Securities, LLC and RBC Capital Markets, LLC are acting as joint
book-running managers for the offering.
The offering is being made pursuant to an existing effective
shelf registration statement (including a prospectus) filed with
the U.S. Securities and Exchange Commission (the “SEC”) and is
being made solely by means of a prospectus supplement and
accompanying base prospectus. Copies of the prospectus supplement
and related base prospectus may be obtained from the SEC’s website
at www.sec.gov or upon request to: Morgan Stanley & Co. LLC,
180 Varick Street, New York, New York 10014, Attention: Prospectus
Department, at 1-866-718-1649 or prospectus@morganstanley.com; BofA
Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd
floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, at
dg.prospectus_requests@baml.com or 1-800-294-1322; Wells Fargo
Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN
55402, Attn: WFS Customer Service at
wfscustomerservice@wellsfargo.com or toll free at 1-800-645-3751;
or RBC Capital Markets, LLC, toll free at 1-866-375-6829 or
rbcnyfixedincomeprospectus@rbccm.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the depositary shares, nor shall
there be any offer or sale of the depositary shares in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Forward-looking statements relate to future operations,
strategies, financial results or other developments, and are
subject to assumptions, risks and uncertainties. Statements such as
“guidance”, “expect”, “anticipate”, “believe”, “goal”, “objective”,
“target”, “may”, “should”, “estimate”, “projects” or similar words
as well as specific projections of future results qualify as
forward-looking statements. Factors that may cause our actual
results to differ materially from those contemplated by these
forward looking statements can be found in the company’s Form 10-K
filed with the SEC. Forward-looking statements speak only as of the
date the statement was made, and the Company undertakes no
obligation to update such forward-looking statements. There can be
no assurance that other factors not currently anticipated by the
Company will not materially adversely affect our results of
operations. Investors are cautioned not to place undue reliance on
any forward-looking statements made by us or on our behalf.
ABOUT AMERICAN EQUITY
American Equity Investment Life Holding Company, through its
wholly-owned operating subsidiaries, issues fixed index and fixed
rate annuities. American Equity Investment Life Holding Company, a
New York Stock Exchange Listed company (NYSE: AEL), is
headquartered in West Des Moines, Iowa.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191114005919/en/
Steven D. Schwartz, Vice President-Investor Relations
(515) 273-3763 sschwartz@american-equity.com
American Equity Investme... (NYSE:AEL)
Historical Stock Chart
From Mar 2024 to Apr 2024
American Equity Investme... (NYSE:AEL)
Historical Stock Chart
From Apr 2023 to Apr 2024