American National Group Inc. (ANG-PD): M&A transaction — American National Group Inc. formed after merger with Brookfield; $1.75B term loan and preferred ticker change

American National Group Inc.

Completed merger with American National Group, LLC (Brookfield Reinsurance subsidiary); now indirect wholly-owned subsidiary of Brookfield Reinsurance.
Entered $1.75B senior unsecured term loan with Bank of Montreal, matures May 2027; prior credit agreement terminated.
Assumed $500M 6.144% Senior Notes due 2032 from ANAT; interest payable June 13 and December 13.
Reincorporated in Delaware, renamed American National Group Inc.; preferred stock tickers to change to ANGPRA and ANGPRB effective May 13, 2024.
Declared Series A dividend of $0.371875/dep. share and Series B dividend of $0.4140625/dep. share, payable June 1, 2024.

item 1.01 item 1.02 item 2.01 item 8.01 item 2.03 item 5.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

American National Group Inc. incurred senior notes of $500 million with Wilmington Trust, National Association at 6.144% per annum maturing June 13, 2032.

Instrument: senior notes
Principal: $500 million
Counterparty: Wilmington Trust, National Association
Rate: 6.144% per annum
Maturity: June 13, 2032
Event: incurrence

Exact text from the filing

On June 13, 2022, ANAT issued $500 million aggregate principal amount of its 6.144% Senior Notes due 2032 (the “ 2032 Notes ”) pursuant to an Indenture, dated as of June 13, 2022 (the “ Base Indenture ”), by and between ANAT and Wilmington Trust, National Association, as trustee (the “ Trustee ”).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

American National Group Inc. incurred term loan of $1,750,000,000 with Bank of Montreal at bear interest as determined in accordance with the Term Loan Agreement maturing May 25, 2027.

Instrument: term loan
Principal: $1,750,000,000
Counterparty: Bank of Montreal
Rate: bear interest as determined in accordance with the Term Loan Agreement
Maturity: May 25, 2027
Event: incurrence

Exact text from the filing

On May 7, 2024 (the “ Effective Date ”), American Equity Investment Life Holding Company, an Iowa corporation (the “ Company ”), entered into a new term loan agreement (the “ Term Loan Agreement ”), among the Company, the lenders from time to time party thereto and Bank of Montreal, as administrative agent. The Term Loan Agreement provides for the incurrence of $1,750,000,000 in senior unsecured term loans (the “ Term Loans ”) with the potential to incur additional incremental term facilities. The Term Loans will mature on May 25, 2027 and will bear interest as determined in accordance with the Term Loan Agreement.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

American National Group Inc. underwent a change of control involving Brookfield Reinsurance Ltd. for Merger of American National Group, LLC with and into the Company, resulting in the Company becoming an indirect wholly-owned subsidiary of Brookfield Reinsuranc (closed 2024-05-07).

Action: change of control
Counterparty: Brookfield Reinsurance Ltd.
Consideration: Merger of American National Group, LLC with and into the Company, resulting in the Company becoming an indirect wholly-owned subsidiary of Brookfield Reinsuranc
Closing: 2024-05-07

Exact text from the filing

On the Effective Date, the Company, completed its previously announced merger with American National Group, LLC, a Delaware limited liability company (“ ANAT ”) and an indirect, wholly-owned subsidiary of Brookfield Reinsurance Ltd. (“ Brookfield Reinsurance ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

American National Group Inc. entered into Term Loan Agreement with Bank of Montreal valued at $1,750,000,000 (effective 2024-05-07).

Action: entry
Agreement: credit facility
Counterparty: Bank of Montreal
Value: $1,750,000,000
Effective: 2024-05-07

Exact text from the filing

On May 7, 2024 (the “ Effective Date ”), American Equity Investment Life Holding Company, an Iowa corporation (the “ Company ”), entered into a new term loan agreement (the “ Term Loan Agreement ”), among the Company, the lenders from time to time party thereto and Bank of Montreal, as administrative agent.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

American National Group Inc. terminated Credit Agreement with Citizens Bank, N.A. (effective 2024-05-07).

Action: termination
Agreement: credit facility
Counterparty: Citizens Bank, N.A.
Effective: 2024-05-07

Exact text from the filing

On the Effective Date, the Company repaid in full all indebtedness and other obligations outstanding under, and terminated, the Credit Agreement, dated as of February 15, 2022, among the Company, the lenders party thereto, and Citizens Bank, N.A., as administrative agent.

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26 debt financings filed in the last 30 days. Browse all debt financings →

American National Group Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-058469

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