American Equity cancels $250 million notes offering
Friday, June 21, 2013 3:04 PM
American Equity Investment Life Holding Co. announced Friday that "current market conditions" have led it to withdraw a proposed offering of $250 million of senior unsecured notes due 2021, which it had just announced on Tuesday. Since Wednesday, bond and stock prices have fallen in reaction to Federal Reserve Chairman Ben Bernanke's announcement that the central bank will begin reining in its monthly bond purchases. "The conditions in the debt capital markets led us to the conclusion that we should not proceed with the offering of our senior notes at this time," said D.J. Noble, American Equity's founder and executive chairman. Noble said his company may return to the market when conditions are more favorable.