Athene Holding Ltd. 8-K

What Happened

• Athene Holding Ltd. announced on June 26, 2026 that its subsidiaries entered two new unsecured revolving credit agreements: a Citi facility and a Wells Fargo 364‑day facility. The Citi Credit Agreement provides up to $1.75 billion of revolving capacity (expandable to $2.50 billion) and replaces the prior Citi credit agreement dated June 30, 2023. The Wells Credit Agreement provides up to $2.60 billion of revolving capacity (expandable to $3.10 billion) and replaces the prior 364‑day facility dated June 27, 2025. Both new facilities are unsecured and include guaranties among Athene entities.

Key Details

• Date signed: June 26, 2026.
• Citi facility: up to $1.75B (increaseable to $2.50B); commitment termination date June 26, 2031 with up to two 1‑year extensions.
  • Interest: choice of Term SOFR + margin (sliding scale; currently 1.125%) or Base Rate + margin (currently 0.125%).
  • Undrawn-commitment fee: sliding scale (currently 0.100%).
  • Financial covenants: minimum Consolidated Net Worth of $22,059,963,000; Consolidated Debt-to-Capitalization ≤ 40%.
• Wells facility: up to $2.60B (increaseable to $3.10B); commitment termination date June 25, 2027 with potential 364‑day extensions/term-outs.
  • Interest: Term SOFR + margin (sliding scale; currently 1.100%) or Base Rate + margin (currently 0.100%).
  • Undrawn-commitment fee: sliding scale (currently 0.100%).
  • Financial covenant: AARe consolidated minimum net worth of $26,231,407,821.
• Guarantees: Citi guaranty includes joint-and-several guarantees by the Company and Athene USA; ALRe and AARe also provide specified guarantees. Under the Wells guaranty, AARe guarantees all obligations of the other Wells borrowers.
• Events of default and customary representations, warranties and covenants apply; upon default commitments can be terminated and loans accelerated.
• The filing notes the full credit agreements and guaranties will be filed as exhibits with the Company’s upcoming Form 10‑Q filings (references in the 8‑K specify related 10‑Q quarters).

Why It Matters

• These facilities increase Athene’s short‑term liquidity and borrowing flexibility across its subsidiaries while replacing prior credit arrangements. For investors, key takeaways are the total available revolving capacity (initially ~$4.35B combined), unsecured nature of the facilities, and the financial covenants (minimum net worth and leverage cap) that the company must maintain. The covenants and default provisions could limit certain transactions or require corrective actions if financial tests are breached, but under normal conditions these facilities provide working capital and balance‑sheet flexibility.