American National Successfully Completes Redemption of Shares
American National Group Inc. Completes Redemption of Shares
American National Group Inc. (the "Company") (NYSE: ANG) recently announced a significant milestone in its financial management. The Company has finalized the redemption of all outstanding shares of its 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B. This strategic move reflects the Company’s commitment to optimizing its capital structure and providing value to its investors.
Details of the Redemption Process
In total, 12,000 shares of the Series B Preferred Stock were redeemed, corresponding to 12,000,000 depositary shares. Each depositary share represented a 1/1,000th interest in one share of the Series B Preferred Stock. The redemption price for these depositary shares was set at $25.00 per share, translating to a total of $25,000 per preferred stock share. Investors will receive the redemption price along with any declared but unpaid dividends for the portion of the quarter up to the specified redemption date.
Funding the Redemption
The Company successfully funded the redemption using net proceeds from a previously announced offering. This included $500,000,000 in aggregate principal of its 7.000% Fixed-Rate Reset Junior Subordinated Notes, which were due in 2055. Such decisive financial maneuvers enable the Company to manage its capital efficiently and align with its long-term financial goals.
Impact on Investors and Trading
Following the completion of the redemption, none of the Series B Preferred Stock or corresponding Depositary Shares remain outstanding. Consequently, the rights associated with these securities have effectively ceased, except for the right of holders to receive the redemption price. It is essential for investors who held these shares to contact the banks or brokers that facilitated their ownership to ensure they receive the appropriate compensation.
Trading Suspension by NYSE
In conjunction with the redemption, the New York Stock Exchange (NYSE) announced that trading of the Depositary Shares would be suspended. This decision took effect prior to the opening of trading on the redemption date. The NYSE has filed a notification with the Securities and Exchange Commission (SEC) for the delisting of these shares, reflecting the end of trading activities pertaining to this financial instrument.
About American National Group Inc.
American National Group Inc. is committed to providing a wide range of insurance products and services. This includes offerings tailored for both retail and institutional clients, ensuring comprehensive annuity solutions. The Company operates through its numerous subsidiaries across all U.S. states, the District of Columbia, Puerto Rico, and Bermuda. For more detailed information about their services and corporate structure, you can visit their official site.
Corporate Communication
For any inquiries regarding this matter or other investor relations questions, you may reach out to:
Steven Schwartz
Treasurer, Head of Investor Relations
Phone: 888-221-1234 ext. 3763
Email: sschwartz@american-equity.com
Frequently Asked Questions
What is the significance of the redemption?
The redemption represents a strategic financial move by American National Group Inc. to optimize its capital structure and return value to investors.
How much was the redemption price for the shares?
The redemption price was $25.00 per depositary share, totaling $25,000 for each preferred stock share.
Who should investors contact for redemption details?
Investors should reach out to the bank or broker through which they held their beneficial interest in the Depositary Shares for further information.
Why was trading suspended by the NYSE?
The NYSE suspended trading in alignment with the completion of the redemption process for the Series B Preferred Stock.
What products does American National Group Inc. offer?
The company provides a wide array of insurance products, including retail and institutional annuities, through its subsidiaries across numerous regions.
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