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4 Jan, 2022
By Gayatri Iyer
Athene Global Funding today completed a $1.6 billion, three-part offering backed by funding agreements, across 2025 notes in floating- and fixed-rate formats, and a fixed-rate issue due 2029.
The issuer last tapped the market in September 2021, when it placed a $1.15 billion, two-part offering of notes backed by funding agreements, across 1.73% notes due October 2026 at T+73 and 2.646% notes due October 2031 at T+110.
The issuer is a subsidiary of Athene Annuity & Life Assurance Co., which provides life insurance and annuity products and services and is ultimately owned by Bermuda-based Athene Holding Ltd.
In March, Apollo Global Management Inc., the New York-based investment manager, announced that it would merge with Athene Holding Ltd. in an all-stock transaction expected to close in January 2022.
Terms:
Issuer | Athene Global Funding |
Ratings | A+/A |
Amount | $300 million |
Issue | 144A/Reg S funding-agreement backed notes |
Coupon | Sofr+71.5 |
Price | 100 |
Maturity | Jan. 7, 2025 |
Price talk | Guidance and IPT: Sofr equivalent |
Issuer | Athene Global Funding |
Ratings | A+/A |
Amount | $850 million |
Issue | 144A/Reg S funding-agreement backed notes |
Coupon | 1.716% |
Price | 100 |
Yield | 1.716% |
Spread | T+70 |
Maturity | Jan. 7, 2025 |
Bookrunners | C/CS/DB/RBC |
Price talk | Guidance: T+70; IPT: T+90 area |
Issuer | Athene Global Funding |
Ratings | A+/A |
Amount | $450 million |
Issue | 144A/Reg S funding-agreement backed notes |
Coupon | 2.717% |
Price | 100 |
Yield | 2.717% |
Spread | T+115 |
Maturity | Jan. 7, 2029 |
Trade (date) | Jan. 4, 2022 |
Settle | Jan. 7, 2022 |
Bookrunners | BofA/DB/GS/MS |
Price talk | Guidance: T+115; IPT: T+135 area |
Notes | Proceeds will be used to purchase funding agreements. |