AMERICAN EQUITY INVESTMENT LIFE HOLDING CO FILES (8-K) Disclosure of other events
Article 8.01 Other events.
American Equity to be issued approximately
Brookfield Reinsurance Increases Brookfield Reinsurance stake in AEL to approximate 16% On
December 29, 2021, American Equity Investment Life Holding Company(the "Company") and Brookfield Asset Management Reinsurance Partners Ltd. (together with its affiliates, "Brookfield Reinsurance") received regulatory approval for Brookfield Reinsurance to increase its Company common stock ownership. Brookfield Reinsurance currently owns approximately 9.85% of the Company's issued and outstanding common stock, purchased in accordance with the terms of its previously-announced Investment Agreement with the Company. In accordance with the terms of the Investment Agreement, Brookfield Reinsurance has elected to purchase additional shares to bring its total combined ownership to approximately 16% of Company common stock. As a result, the Company expects to issue 6,775,000 shares of its common stock to Brookfield Reinsurance at $37.33per share, the Company's adjusted book value as of September 30, 2021, in the upcoming business days. The Company will use its $736 millionoutstanding share repurchase authorization to offset the Brookfield Reinsurance issuance dilution and to return capital to shareholders. The latest issuance will be exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) of the Securities Act. Brookfield Reinsurance represented to the Company that it is an "accredited investor" as defined in Rule 501 of the Securities Act and that it is acquiring the common stock for investment purposes and not with a view to, or for sale in connection with, any distribution thereof. The Company will affix appropriate legends to any certificates evidencing shares it issues to Brookfield Reinsurance. The forward-looking statements above, such as expects and will, are based on assumptions and expectations that involve risks and uncertainties, including the "Risk Factors" American Equity describes in its U.S. Securities and Exchange Commissionfilings. American Equity's future results could differ, and it has no obligation to correct or update any of these statements.