Athene gives results of tender offers for two 2027 FA-backed notes

By Mary-Katherine Stinson

Lexington, Ky., Sept. 13 – Athene Holding Ltd. announced the results of Athene Global Funding’s 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), according to a press release.

As previously reported, the offers for the two series of funding agreement-backed notes are two separate offers.

As of the expiration of the offers at 5 p.m. ET on Sept. 12, holders had tendered $260,105,000 of the series 2022-6 notes, excluding $174,000 tendered under guaranteed delivery procedures.

Also, holders had tendered $238,143,000 of the series 2020-5 notes, excluding $796,000 tendered under guaranteed delivery procedures.

The issuer said it expects to accept all notes tendered, including those tendered under guaranteed delivery procedures.

Holders will receive $918.07 per $1,000 of series 2002-6 notes tendered and $878.41 per $1,000 of series 2020-5 notes tendered.

Pricing for both offers was based on the 3.125% U.S. Treasury due Aug. 31, 2027 and a fixed spread of 185 basis points. Pricing was determined at 2 p.m. ET on Sept. 12.

In addition, holders will receive accrued interest to but excluding the applicable settlement date.

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.

Tenders may no longer be withdrawn.

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 was 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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