Financial services company Athene Holding Ltd. has confirmed plans to sell $600 million of 5.875% senior unsecured notes due 2034, the proceeds of which will be used to expand its insurance operation.

The offering is expected to close on December 12th, 2023, subject to satisfaction of customary closing conditions.

The company intends to use the net proceeds from the offering for general corporate purposes, including capital contributions to its insurance subsidiaries to support organic growth.

Wells Fargo Securities, BofA Securities, Goldman Sachs & Co. LLC, J.P. Morgan and Morgan Stanley are acting as joint book-running managers for the offering.

The notes are being offered according to an effective shelf registration statement that has previously been filed with the Securities and Exchange Commission.

Athene, through its subsidiaries, is an international financial services company specializing in retirement services with total assets of $269.7 billion as of September 30th, 2023.

Founded in 2009, the company specializes in helping its customers achieve financial security and is a solutions provider to institutions.

Earlier this year, rating agency AM Best revised the outlooks to positive from stable for Athene Holding Ltd. and its subsidiaries, a move that reflects the company’s continuing trend of improvement.