Athene Announces Redemption of All Outstanding Series C Preferred Stock and Related Depositary Shares

Rhea-AI Summary

Athene Holding Ltd. has announced the complete redemption of its 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C, and corresponding depositary shares on June 30, 2025. The redemption will affect all 24,000,000 outstanding depositary shares at a price of $25.00 per share, equivalent to $25,000 per preferred stock share. The final quarterly dividend will be paid separately on June 30, 2025, to holders of record as of June 15, 2025. After the redemption date, no Series C Preferred Stock or Depositary Shares will remain outstanding. The redemption will be processed through The Depository Trust Company (DTC) with Computershare acting as the redemption agent.

Positive

• Complete redemption indicates strong financial position and ability to optimize capital structure
• Elimination of 6.375% preferred dividend payments will reduce ongoing capital costs

Negative

• Preferred stockholders will lose a steady income stream from the 6.375% dividend payments

Insights

Corporate Finance Expert

Athene's redemption of $600M in preferred stock could strengthen its financial position by reducing dividend obligations while impacting preferred shareholders.

Athene Holding Ltd. is executing a complete redemption of its Series C Preferred Stock and related depositary shares, totaling $600 million (24,000,000 shares at $25.00 per share). The redemption is scheduled for June 30, 2025, after which no Series C Preferred shares will remain outstanding.

This 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock carries meaningful dividend obligations for the company. By redeeming these shares at the $25.00 par value, Athene will eliminate approximately $38.25 million in annual preferred dividend payments (6.375% of $600 million).

The timing is significant as it coincides with a regular dividend payment date, allowing for a clean separation between the final quarterly dividend (already declared and to be paid separately) and the redemption process. This redemption is likely part of Athene's broader capital management strategy to optimize its capital structure and reduce ongoing dividend obligations.

For preferred shareholders, this redemption means they'll receive their principal investment back at par value, but will lose the future income stream from these relatively high-yielding securities. With interest rates and market conditions constantly fluctuating, these investors will need to find alternative investments, potentially at different risk-return profiles.

WEST DES MOINES, Iowa, May 30, 2025 (GLOBE NEWSWIRE) -- Athene Holding Ltd. (“Athene”) today announced it will redeem all outstanding shares of its 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C (the “Series C Preferred Stock”), and the corresponding depositary shares (CUSIP: 04686J 309; ISIN: US04686J3095) (the “Depositary Shares”), each representing a 1/1,000th interest in a share of the Series C Preferred Stock.

The Series C Preferred Stock will be redeemed on the upcoming dividend payment date on June 30, 2025 (the “Redemption Date”). All 24,000,000 Depositary Shares currently outstanding will be redeemed on the Redemption Date. On and after the Redemption Date, no shares of Series C Preferred Stock or Depositary Shares will remain outstanding.

The Depositary Shares will be redeemed at a redemption price of $25.00 per Depositary Share (equivalent to $25,000 per share of Series C Preferred Stock) (the “Redemption Price”). The regular quarterly dividend on the Depositary Shares was separately declared and will be paid separately on June 30, 2025 to holders of record on June 15, 2025 for such dividend payment in the customary manner. Accordingly, the Redemption Price does not include any accrued and unpaid dividends. No further dividends will be declared or paid following the Redemption Date.

Simultaneously with the redemption of the Series C Preferred Stock, the outstanding Depositary Shares will be redeemed on the Redemption Date in accordance with the applicable procedures of The Depository Trust Company (“DTC”), for an amount per Depositary Share equal to the Redemption Price. All Depositary Shares are held in book-entry form through DTC. Payment to DTC for the Depositary Shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively, as redemption agent. The address for the redemption agent is as follows:

Computershare Trust Company, N.A.
Attn: Corporate Actions
150 Royall St.
Canton, MA 02021

Investors in the Depositary Shares should contact the bank or broker through which they hold a beneficial interest in the Depositary Shares for information about obtaining the Redemption Price for the shares of Depositary Shares in which they have a beneficial interest.

About Athene
Athene is the leading retirement services company with over $380 billion of total assets as of March 31, 2025, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations.

Forward-Looking Statements
This press release contains, and certain oral statements made by Athene's representatives from time to time may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks, uncertainties and assumptions that could cause actual results, events and developments to differ materially from those set forth in, or implied by, such statements. These statements are based on the beliefs and assumptions of Athene's management and the management of Athene's subsidiaries. Generally, forward-looking statements include actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” “should,” or “continues” or similar expressions. Forward-looking statements within this press release include, but are not limited to, statements regarding future growth prospects and financial performance. Although Athene management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. For a discussion of other risks and uncertainties related to Athene’s forward-looking statements, see its annual report on Form 10-K for the year ended December 31, 2024, which can be found at the SEC’s website www.sec.gov. All forward-looking statements described herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Athene does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Media Contact
Jeanne Hess
VP, External Relations
+1 646 768 7319
jeanne.hess@athene.com

FAQ

What is the redemption price for Athene's Series C Preferred Stock depositary shares?

The redemption price is $25.00 per depositary share, equivalent to $25,000 per share of Series C Preferred Stock.

When will Athene (ATH) redeem its Series C Preferred Stock?

Athene will redeem the Series C Preferred Stock on June 30, 2025, which is the upcoming dividend payment date.

How many Athene Series C Preferred Stock depositary shares are being redeemed?

All 24,000,000 outstanding depositary shares will be redeemed on June 30, 2025.

Will Athene Series C Preferred stockholders receive their final dividend?

Yes, the final quarterly dividend will be paid separately on June 30, 2025, to holders of record as of June 15, 2025.

How will the redemption of Athene's Series C Preferred Stock be processed?

The redemption will be processed through The Depository Trust Company (DTC), with Computershare acting as the redemption agent.