Athora raises $655m in public debt

Bermuda-based Athora Holding has completed its first public debt offering, raising $655 million, some of which will be used to fund acquisitions.

Long term reinsurer Athora, said the offering, denominated in euros, are senior unsecured fixed rate notes issuance due in 2028 and will be listed on the Global Markets Exchange of Euronext Dublin.

Athora said the debt will be used to provide appropriate debt capital funding for the upcoming acquisition from AXA Germany. The funding for the transaction in Germany, which remains subject to regulatory approvals, will be consistent with Athora's rating and leverage targets, Athora said.

The company said: "Accessing public debt capital markets is an important step in Athora's business plan, providing longer-term financing and aligning the Group's capital structure with its long-term savings and retirement services strategy.

"The issuance further enhances Athora's financial flexibility, adding additional qualifying solvency capital and providing appropriate debt capital funding for the upcoming acquisition from AXA Germany. The funding for the transaction in Germany, which remains subject to regulatory approvals, will be consistent with Athora's rating and leverage targets."

Anders Malmstrom (pictured), Athora group chief financial officer, said: "The success of this new debt issuance underlines the strength of our business model and financial profile, alongside the continued support of credit investors for the wider Athora Group. The instrument is the first of its kind to be sold to European credit investors and represents an innovation in insurance funding."