American Equity Investment Life Holding Co | 6.625% Ser B Dep Shr Reset Rate Pref Stk (AEL.PRB)
Prospectus excerpt: Each of the 12,000,000 depositary shares offered hereby (the "Depositary Shares") represents a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B, $25,000 liquidation preference per share (equivalent to $25.00 per Depositary Share) of American Equity Investment Life Holding Company (the "Series B Preferred Stock"), deposited with Computershare Inc. and Computershare Trust Company, N.A., acting jointly, as depositary (collectively, the "Depositary"). The Depositary Shares are evidenced by depositary receipts. As a holder of Depositary Shares, you are entitled to a proportional fractional interest in all rights and preferences of the shares of Series B Preferred Stock represented thereby (including dividend, voting, redemption and liquidation rights). You must exercise these rights through the Depositary. Holders of Series B Preferred Stock will be entitled to receive dividend payments only when, as and if declared by our board of directors (or a duly authorized committee of the board), out of funds legally available for the payment of dividends. Any such dividends will be payable on a non-cumulative basis quarterly in arrears on the first day of March, June, September and December of each year, commencing on December 1, 2020. Dividends will accrue on the stated amount of $25,000 per share of Series B Preferred Stock (equivalent to $25.00 per Depositary Share) (i) from the date of original issue to, but excluding, September 1, 2025 at a fixed rate per annum of 6.625% and (ii) from, and including, September 1, 2025, during each reset period, at a rate per annum equal to the Five-year U.S. Treasury Rate (as defined herein) as of the most recent reset dividend determination date (as described elsewhere in this prospectus supplement) plus 6.297%. Payment of dividends on the Series B Preferred Stock is subject to certain legal, regulatory and other restrictions as described elsewhere in this prospectus supplement.
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