American National Group Inc. announced the redemption of all Series A Preferred Stock on February 24, 2025, at $25 each.
Quiver AI Summary
American National Group Inc. announced that it will redeem all 16,000 shares of its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A, along with 16,000,000 corresponding depositary shares, on February 24, 2025. The redemption price will be $25.00 per depositary share plus any unpaid dividends. The transaction will be managed through The Depository Trust Company, with Computershare Inc. serving as the redemption agent. Following the redemption, the shares will be delisted from the New York Stock Exchange and deregistered with the SEC. Investors are advised to contact their brokers for details on the redemption.
Potential Positives
- The redemption of all outstanding shares of the Series A Preferred Stock shows the company’s commitment to returning value to its shareholders.
- The action to delist and deregister the Depositary Shares may streamline the company’s operations and reduce compliance costs associated with maintaining listings and registrations.
- Redeeming the preferred stock eliminates future dividend obligations, which can enhance financial flexibility and strengthen the company’s balance sheet.
Potential Negatives
- The decision to redeem the Series A Preferred Stock and delist the Depositary Shares may signal financial restructuring or cash flow issues, suggesting potential instability in the company's capital management strategy.
- The impending deregistration of the Depositary Shares from the SEC could indicate a reduction in the company's reporting obligations, which may be perceived negatively by investors seeking transparency.
- The total redemption of all outstanding shares of Series A Preferred Stock removes a source of fixed income for investors, which could lead to decreased interest from income-focused investors.
FAQ
What is the Redemption Date for the Series A Preferred Stock?
The Redemption Date for the Series A Preferred Stock is February 24, 2025.
How much will investors receive for each Depositary Share?
Investors will receive $25.00 per Depositary Share, plus any declared but unpaid dividends.
Who is the Redemption Agent for this transaction?
The Redemption Agent for this transaction is Computershare Inc.
Will the Depositary Shares remain listed on the NYSE after redemption?
No, the Company intends to delist the Depositary Shares from the New York Stock Exchange.
How can investors contact for more information about the redemption?
Investors can contact Computershare Inc. at 1-800-546-5141 for more information regarding the redemption.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
HOUSTON, Jan. 24, 2025 (GLOBE NEWSWIRE) -- American National Group Inc. (the “Company”) (NYSE: ANG PRA) today announced that the Company will redeem (the “Redemption”) all the 16,000 outstanding shares of its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”) and the corresponding 16,000,000 depositary shares, each representing a 1/1,000th interest in one share of Series A Preferred Stock (the “Depositary Shares”), on February 24, 2025 (the “Redemption Date”).
The Depositary Shares will be redeemed for a redemption price equal to $25.00 per Depositary Share (equivalent to $25,000 per share of Series A Preferred Stock) plus an amount equal to any declared but unpaid dividends and the portion of the quarterly dividend attributable to 1/1,000th of a share of Series A Preferred Stock to the then-current dividend period that has not been declared and paid to, but excluding, the Redemption Date (the “Redemption Price”).
The Depositary Shares are held through The Depository Trust Company (“DTC”) and will be redeemed in accordance with the applicable procedures of DTC. Payment to DTC for the Depositary Shares will be made by Computershare Inc., the Company’s redemption agent (the “Redemption Agent”), in accordance with the terms set forth in the Redemption Agent Agreement that governs the redemption of the Depositary Shares. All questions about the notice of redemption and related materials should be directed to the Redemption Agent at the following address and phone number:
Computershare Inc.
Attention: Corporate Actions Department
150 Royall Street
Canton, MA 02021
Tel: 1-800-546-5141
Upon the Redemption, no Series A Preferred Stock or Depositary Shares will remain outstanding, and all rights with respect to such stock or depositary shares will cease and terminate except only the right of the holders of the Depositary Shares to receive the Redemption Price, without interest. The information contained in this press release does not constitute a notice of redemption with respect to the Series A Preferred Stock or Depositary Shares. Investors in the Depositary Shares should contact the bank or broker through which they hold a beneficial interest in the Depositary Shares for information about obtaining the Redemption Price for the Depositary Shares in which they have a beneficial interest.
In connection with the Redemption, the Company intends to delist the Depositary Shares from the New York Stock Exchange (“NYSE”) and to deregister the Depositary Shares from registration with the Securities and Exchange Commission (the “SEC”). The Company intends to request that NYSE file with the SEC a notification of removal from listing and registration on Form 25 to effect the delisting of all of the Depositary Shares from NYSE. In addition, after the Redemption Date, the Company intends to file a certification on Form 15 with the SEC requesting the termination of registration of all of the Depositary Shares. Deregistration of the Depositary Shares is expected to become effective 90 days after the Form 15 is filed.
ABOUT AMERICAN NATIONAL GROUP INC.
American National Group Inc. offers a broad array of insurance products and services through its operating subsidiaries, American National and American Equity Life. Operating across 50 U.S. states, the group’s customer offering includes annuities, personal and commercial property and casualty insurance and life insurance. For more information, please visit AmericanNational.com/home/about-us/investor-relations.
Forward-Looking Statements
All statements contained in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They may relate to markets for our products, trends in our operations or financial results, strategic alternatives, future operations, strategies, plans, partnerships, investments, share buybacks and other financial developments. They use words and terms such as “anticipate,” “assume,” “believe,” “can,” “continue,” “could,” “enable,” “estimate,” “expect,” “foreseeable,” “goal,” “improve,” “intend,” “likely,” “may,” “model,” “objective,” “opportunity,” “outlook,” “plan,” “potential,” “project,” “remain,” “risk,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all forms of speech and derivative forms, or similar words, as well as any projections of future events or results. Forward-looking statements, by their nature, are subject to a variety of assumptions, risks, and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by the Company. Factors that may cause our actual decisions or results to differ materially from those contemplated by these forward-looking statements include, among other things, the factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and any other documents we file with the SEC.
Forward-looking statements speak only as of the date the statement was made and the Company undertakes no obligation to update such forward-looking statements except as required by law. There can be no assurance that other factors not currently disclosed or anticipated by the Company will not materially adversely affect our results of operations or plans. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.
Contact:
Steven Schwartz
Treasurer, Head of Investor Relations
888-221-1234 ext. 3763
[email protected]