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TMCNet:  Athene Holding Ltd. Announces Successful $1 Billion Private Placement

[April 06, 2014]

Athene Holding Ltd. Announces Successful $1 Billion Private Placement

PEMBROKE, Bermuda --(Business Wire)--

Athene Holding Ltd. ("Athene Holding," and together with its subsidiaries, "Athene") announced today the successful completion of its private placement offering previously announced on January 8, 2014. Athene raised $1.048 billion of primary equity commitments from leading third party institutional investors and certain existing Athene and AP Alternative Assets, L.P. ("AAA") investors in this pre-IPO round of funding, representing an increase to Athene's original $500 million equity commitment target. This offering was priced at $26 per common share.

Athene Chief Executive Officer Jim Belardi, said: "We are very pleased with this offering, particularly because we were able to increase the size and price from our original plans due to the continued strong performance of Athene's business. We are also pleased to report that this offering garnered significant demand from a number of the world's most prominent institutional investors. The additional equity capital from this round of funding will bolster our efforts to achieve a ratings upgrde, which will benefit our retail platform and lower our cost of funds. Increasing our equity capital by more than $1.0 billion reinforces our financial strength and leadership position in the retirement savings market, and provides capital to further support Athene's multi-channel growth strategy in advance of Athene's IPO."


Athene President Grant Kvalheim, said: "Policyholder protection has always been Athene's foremost priority. To that end, the successful completion of this offering strengthens Athene's capital base and further enhances our ability to provide our policyholders with a guaranteed stream of income they need to live securely in retirement."

About Athene Holding Ltd.

Athene Holding, through its subsidiaries, is a leading provider of products in the retirement savings market. Athene's principal subsidiaries include Athene Annuity & Life Assurance Company and Athene Life Insurance Company, Delaware-domiciled insurance companies, Athene Annuity and Life Company, an Iowa-domiciled insurance company, Athene Annuity & Life Assurance Company of New York and Athene Life Insurance Company of New York, New York-domiciled insurance companies, and Athene Life Re Ltd., a Bermuda-domiciled reinsurer.

Athene Holding provides investment solutions, including tax-efficient savings products, to support retirees as well as those saving for retirement. The products offered by Athene include:

  • Retail fixed and equity indexed annuity products
  • Institutional products, such as funding agreements
  • Co-insurance and reinsurance arrangements with third party life insurance and annuity providers

Further information about our companies can be found at www.athene.bm.


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