AMERICAN EQUITY INVESTMENT LIFE HOLDING CO: results of operations and financial condition, FD settlement disclosure, entering into a material definitive agreement, creating a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant, financial statements and supporting documents (Form 8-K)

By Donald M. Blake Last updated Feb 22, 2022

Item 2.02 Results of Operations and Financial Condition

On February 17, 2022, the registrant issued a press release announcing its
financial results for the fourth quarter and year ended December 31, 2021, a
copy of which is attached as Exhibit 99.1 and is incorporated herein by
reference. The registrant's financial supplement for the fourth quarter and year
ended December 31, 2021, is attached as Exhibit 99.2 and is incorporated herein
by reference.

The information, including exhibits attached hereto, furnished under this Item
2.02 shall not be deemed "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that Section. The information in this Current Report shall not be
incorporated by reference into any registration statement or other document
pursuant to the Securities Act of 1933, as amended, except as otherwise
expressly stated in such filing.

Section 7.01 Disclosure of FD Regulations

On February 17, 2022, American Equity Investment Holding Company issued a
supplemental slide presentation, a copy of which is attached hereto as
Exhibit 99.3 and is incorporated herein by reference. The slides highlight
information about American Equity Investment Holding Company's business results.
These slides are furnished and not filed pursuant to instruction B.2 of Form
8-K.

The Company regularly evaluates its capital structure and potential financing
transactions, including facilities that provide for contingent capital. Any such
transaction may be material.

Section 1.01 Entering into a Material Definitive Agreement

At February 15, 2022, American Equity Investment Life Holding Company (the “Company”) entered into a new five-year credit agreement for $300 million in unsecured deferred draw term loan commitments (the “Agreement”). The deal is part of the company’s plans for access to liquidity for general corporate purposes as it continues to implement its strategic transformation into a large-scale origination, spread and capital business. lean, and manage capital to grow as well as generate returns for shareholders.

Under the Agreement, the Company may draw up to three loans until six months
after it closes. Loans will bear a spread-adjusted term Secured Overnight
Financing Rate ("SOFR") plus a margin ranging from 0.250% to 1.000% for base
rate borrowings and 1.250% to 2.000% for SOFR borrowings, based on the Company's
S&P credit rating for senior unsecured long-term debt securities without
third-party credit enhancement. The spread adjustment will range from 0.10% to
0.25% based on the interest period applicable to the loans.

The Company agreed to two financial covenants: (1) a quarter-end debt to capital
ratio not to exceed 0.35 to 1.00, and (2) a quarter-end net worth of at least
70% of its net worth as of December 31, 2021, plus one-half of the Company's
subsequent quarterly operating income excluding notable items and one-half of
any net cash proceeds from all subsequent equity issuances. However, the
Company's equity issuances and repurchases in connection with phase two of the
Brookfield Asset Management Reinsurance Partners Ltd.'s investment in the
Company are excluded from the calculation of the net worth covenant. The
Agreement also includes customary representations and warranties, affirmative
and negative covenants, and events of default.

This description of the Agreement among the Company, certain lenders (the
"Lenders"), and Citizens Bank, N.A., as administrative agent, is qualified by
reference to the full text of the agreement, which is attached as Exhibit 10.1,
and which is incorporated herein by reference.

The Lenders and/or their affiliates have from time to time provided, and may in
the future provide, various financial advisory, commercial banking, investment
banking and other services to the Company and its affiliates, for which they
received or may receive customary compensation and expense reimbursement.

The forward-looking statements above, such as plans, may, and will, are based on
assumptions and expectations that involve risks and uncertainties, including the
"Risk Factors" the Company describes in its U.S. Securities and Exchange
Commission filings. The Company's future results could differ, and it has no
obligation to correct or update any of these statements.

Item 2.03 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant

The information set forth above under “Item 1.01 Entering into a Material Definitive Agreement” of this Current Report is incorporated herein by reference.

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Section 9.01. Financial statements and supporting documents

Exposure

Number                  Description
10.1                      Credit Agreement, dated as of February     15

2022, among US Equities

                        Investment Life Holding Company, the lenders party

and Citizens Bank, North America,

                        as administrative agent for the lenders  .
99.1                      Press release dated February 17, 2022, announcing

American Equity Life Investment

                        Holding Company's financial results for the fourth

quarter and year ended December

                        31, 2021.
99.2                      American Equity Investment Life Holding Company's

Financial supplement for the

                        fourth quarter and year ended December 31, 2021.
99.3                      Slide presentation dated February 17, 2022,

As it concerns Investing in US stocks

                        Holding Company "2021: A Year of Achievements."
104                     The cover page from this Current Report on Form

8-K, formatted in Inline XBRL.

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