WEST DES MOINES, Iowa, Feb. 29, 2024 (GLOBE NEWSWIRE) — Athene Holding Ltd. (“Athene”) today announced it has agreed to sell $500 million aggregate principal amount of 7.250% fixed-rate reset junior subordinated debentures due 2064 and to grant the underwriters an option, exercisable for 30 days, to purchase up to an additional $75 million aggregate principal amount of debentures solely to cover over-allotments. The offering is expected to close on March 7, 2024, subject to satisfaction of customary closing conditions. Athene intends to list the debentures on the New York Stock Exchange under the ticker symbol “ATHS.”
Athene intends to use the net proceeds from the offering (including the net proceeds available from any exercise of the underwriters’ over-allotment option to purchase additional debentures) for general corporate purposes, including capital contributions to its insurance subsidiaries to support organic growth.
Wells Fargo Securities, BofA Securities, J.P. Morgan and Morgan Stanley are acting as joint book-running managers for the offering. Apollo Global Securities, LLC, Barclays Capital Inc., Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and Bancroft Capital, LLC are acting as joint lead managers for the offering.
The debentures are being offered pursuant to an effective shelf registration statement that has previously been filed with the Securities and Exchange Commission (the “SEC”). This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, or solicitation to buy, if at all, will be made solely by means of a prospectus and related prospectus supplement filed with the SEC. You may obtain these documents without charge from the SEC at www.sec.gov. Alternatively, you may request copies of these materials from the joint book-running managers by contacting Wells Fargo Securities, LLC toll-free at (800) 645-3751, BofA Securities, Inc. toll-free at (800) 294-1322, J.P. Morgan Securities LLC collect at (212) 834-4533 or Morgan Stanley & Co. LLC toll-free at (866) 718-1649.
About Athene
Athene is a leading retirement services company with $300 billion of total assets as of December 31, 2023, 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, 2023, 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.
Contact:
Media Contact
Jeanne Hess
VP, External Relations
+1 646 768 7319
jeanne.hess@athene.com
The big names get all the attention. Goldman Sachs, JP Morgan, Bank of America: They’re global, prestigious. diverse, and influential. And they boast long histories, household names, high-profile clients, and acclaimed alumni too. They underwrite the biggest offerings and boast all the resources and advantages.
Who wouldn’t want to join their exclusive ranks?
Well, there are the trade-offs. Think punishing 80-hour weeks, a frantic work pace, and never-ending stress. Sometimes, it can be a life out of whack that ultimately burns out analysts and associates before the giant paychecks roll in. When you work in investment banking, the promises are only as good as the environment.
Make no mistake: you’ll find major fluctuations in the quality of culture, leadership, training, and work-life balance among the top firms.
Which investment banks produce the happiest employees who enjoy the best support, opportunities, and perks? Since 2007, Vault has been answering this question with its Banking 25, which ranks the top investment banks in North America according to bankers themselves. For the 5th consecutive year, Centerview Partners sits atop the list, thanks to earning the highest scores across 16 workplace quality categories. Evercore and Moelis & Company again finished 2nd and 3rd, with Lazard and Guggenheim Securities rounding out the Top 5.
HOW THE RANKING WAS BUILT
An infobase platform, Vault collects employee reviews to produce rankings and company profiles in the banking, consulting, legal, and accounting sectors. In addition, Vault delivers career advice in everything from internships to employment, as well as two dozen career guides that cover industries (including hospitality, real estate, and media and entertainment), job hunting (resumes, networking, and interviewing), and education (college readiness, graduate school, MBA).
In their latest banking survey, which was conducted in the fall of 2023, Vault received responses from over 2,400 banking professionals. That’s down 600 respondents from the 3,000-member sample who answered the year before. To rate employers, Vault uses a 10-point scale, where 10 reflects the highest possible score. As part of the survey, respondents answer questions across 20 Workplace and 6 Diversity dimensions (with the latter not factored into the Banking 25). Workplace facets, for example, may cover Benefits, Client Interaction, and Promotion Policies. In contrast, Diversity evaluates firms on areas like Race, Gender, and even Military Service. In addition, Vault conducts a survey on Prestige, where respondents score firms where they’ve had dealings using the same 1-10 scale.
As a whole, Prestige carries a 40% weight in Vault’s ranking formula. Firm Culture makes up 20% of a firm’s ranking. Compensation, Business Outlook, and Overall Satisfaction each account for a 10% weight. The remaining 10% is divided evenly between Work/Life Balance and Training. Vault’s weighting system remains the same from the previous year.
A LOOK INSIDE CENTERVIEW PARTNERS
What has been Centerview Partners’ secret to securing the #1 spot for so long? Simple: the firm notches the highest scores nearly across the board – and in the workplace dimensions that matter most. This includes highly-weighed areas like Firm Culture (20%), Compensation (10%), Business Outlook (10%), Overall Satisfaction (10%), Work-Life Balance (5%), and Informal Training (2.5%). In other words, Centerview Partners holds the highest marks across 57.5% of Vault’s ranking weight. Overall, the firm ranked #1 in 16 out of 26 dimensions, finishing among the Top 3 in each one except Prestige (4th), International Opportunities (5th), and LGBTQ+ Diversity (4th). That aligns with the 2023 ranking, where Clearview Partners topped its rivals across 15 dimensions. In this year’s ranking, the firm moved up to the top spot in Benefits and Relationships with Managers, while losing ground in Client Interaction.
In less than two decades, Centerview Partners has been involved in deals totaling over $3 billion dollars. For the most part, survey respondents have been bullish on their firm. One employee calls it the “highest pay on the street.” Another highlighted perks like an on-site gym and “free breakfast, lunch, and dinner” – which reduces the stress and makes the atmosphere there “more social and pleasant.” At the same time, a third respondent celebrates the firm’s commitment to maintaining a winning culture in a tough business.
“At the end of the day, M&A is a client service business, which means that schedules are fluid and days/weeks can be long, but those who stay in this job understand that this is what you are signing up for, and if you are putting in the hours, there is not a better place to do it. There is tremendous focus internally on ensuring that the culture is strong, and teams are closely monitored to ensure that the appropriate work/life balance is being facilitated. There are a wide range of internal programs that build connectivity both inside and outside of teams, and the firm very much maintains a ‘small-firm feel’ even as it has continued to grow.”
CENTERVIEW POISED FOR FURTHER GROWTH
One program is the partner-run Centerview University, which takes a big picture, long-term approach to employee development and decision-making. Rather than chasing the quick fix says one respondent, junior bankers are trained focus more on the firm’s future – and their place in it. “It’s a win-win from a career perspective. By developing our people into the best bankers who stay at Centerview, our clients win, our people win, and the business also thrives.”
J.W. Marriott is famous for saying, “Take care of your employees, and they’ll take care of your customers.” Centerview Partners epitomizes this approach. One survey respondent noted that, despite a down year in 2023, Centerview Partners was still among two firms on the street enjoying revenue increase last year. And this commitment to employees shows in far more areas than the bottom line.
“The firm goes from strength-to-strength,” adds another respondent. “Hardly anyone ever leaves. Market share continues to expand. We continue to build out in geographies and industries where we have not had a footprint, which creates a ton of opportunity for young people. I often tell young people you want to start a career where the growth is. For Wall Street, that growth area remains the boutiques, and Centerview foremost among them.”
THE EVERCORE EDGE
Ranking 2nd overall, Evercore has handled large cap transactions for nearly 30 years. Most recently, Evercore has advised clients ranging from U.S. Steel to IBM to BlackRock. Known as the ‘boutique with brainiacs’, it ranked 1st in Vault’s Formal Training survey – and among the Top 3 across 13 Work and Life dimensions. When it comes to Diversity, Evercore placed 1st in four dimensions: Disabilities, Women, LGBTQ+, and Overall Diversity.
“The firm has made strong efforts to improve our focus on DE&I,” wrote one Evercore survey respondent in 2023. “Each business unit has created annual initiatives around these efforts, and has presented and reviewed progress throughout the year with senior leadership at the firm. The firm created a Global Diversity Council and four Diversity Networks focused on Women, Traditionally Underrepresented Minorities, LGBTQ+ employees, and Veterans.”
Unlike Centerview Partners, Evercore lacks an on-site gym and free lunches. That said, the dress is relaxed and bankers can work from home on Friday while enjoying protected Saturdays, according to another survey-taker. “Everyone is respectful and genuine in all facets. Sure, there are bad apples everywhere, but Evercore seems to have the fewest. Additionally, there’s a spirit of integrity that is pervasive—it’s better to do things right than to do them easy. If you’re struggling or need help, you can ask anyone, anytime, without judgement. I couldn’t imagine working anywhere else.”
Evercore is also centered on an apprenticeship model, with senior bankers “focused” on ingraining the culture and building the skill sets necessary for a successful, long-term career at the firm. By the same token, Evercore incorporates a flexible model, where bankers can move around through different industries and product group – all with heavy client exposure.
“Another great aspect of the firm’s career development is how much freedom and latitude you get to run with client engagements/deals, which gives you tremendous opportunity to dictate the work and build client relationships,” adds another respondent. “It’s about getting the job done in the best way possible and without the hierarchy, which creates an environment for learning and growth.