Athene Holding Ltd.ATH-PA
Athene Holding Ltd. Debt Disclosure
11. Debt
Credit Facility—On June 30, 2023, AHL, ALRe, Athene USA Corporation (AUSA) and AARe entered into a five-year revolving credit agreement with a syndicate of banks and Citibank, N.A. as administrative agent (Credit Facility). The Credit Facility is unsecured and has a commitment termination date of June 30, 2028, subject to up to two one-year extensions, in accordance with the terms of the Credit Facility. In connection with the Credit Facility, AHL and AUSA guaranteed all of the obligations of AHL, ALRe, AARe and AUSA under the Credit Facility and the related loan documents, and ALRe and AARe guaranteed certain of the obligations of AHL, ALRe, AARe and AUSA under the Credit Facility and the related loan documents. The borrowing capacity under the Credit Facility is $1.25 billion, subject to being increased up to $1.75 billion in total on the terms described in the Credit Facility. The Credit Facility contains various standard covenants with which we must comply, including the following:
1.Consolidated debt-to-capitalization ratio of not greater than 35%;
2.Minimum consolidated net worth of no less than $14.8 billion; and
3.Restrictions on our ability to incur liens, with certain exceptions.
Interest accrues on outstanding borrowings at either the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with the applicable margin varying based on AHL’s debt rating. Rates and terms are as defined in the Credit Facility. As of December 31, 2025 and 2024, we had no amounts outstanding under the Credit Facility and were in compliance with all financial covenants under the facility.
Liquidity Facility—On June 27, 2025, AHL, AARe, ALRe and AAIA entered into a revolving credit agreement with a syndicate of banks and Wells Fargo Bank, National Association, as administrative agent (Liquidity Facility), which replaced our previous revolving credit agreement dated as of June 28, 2024. The previous credit agreement, and the commitments under it, expired on June 27, 2025. The Liquidity Facility is unsecured and has a commitment termination date of June 26, 2026, subject to any extensions of additional 364-day periods with consent of extending lenders and/or “term-out” of outstanding loans (by which, at our election, the outstanding loans may be converted to term loans which shall have a maturity of up to one year after the original maturity date), in each case in accordance with the terms of the Liquidity Facility. In connection with the Liquidity Facility, AARe guaranteed all of the obligations of each other borrower under the Liquidity Facility and the related loan documents. The Liquidity Facility will be used for liquidity and working capital needs to meet short-term cash flow and investment timing differences. The borrowing capacity under the Liquidity Facility is $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the Liquidity Facility. The Liquidity Facility contains various standard covenants with which we must comply, including the following:
1.AARe minimum consolidated net worth of no less than $23.2 billion; and
2.Restrictions on our ability to incur liens, with certain exceptions.
Interest accrues on outstanding borrowings at either the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with applicable margin varying based on AARe’s financial strength rating. Rates and terms are as defined in the Liquidity Facility.
As of December 31, 2025 and 2024, we had no amounts outstanding under the current or previous liquidity facilities and were in compliance with all financial covenants under the facilities.
Senior Notes—Our senior unsecured notes are callable by AHL at any time. If called prior to a defined period before the scheduled maturity date, typically three or six months, the price is equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date at the treasury rate plus a spread as defined in the applicable prospectus supplement and any accrued and unpaid interest.
During the second quarter of 2025, we issued $1,000 million of 6.625% Senior Notes due May 19, 2055 (2055 Senior Notes). We will accrue interest quarterly and pay interest on the 2055 Senior Notes semi-annually, which commenced on November 19, 2025.
Subordinated Notes—We have fixed-rate reset subordinated notes outstanding, which pay interest at the initially stated fixed rate until the interest rate reset dates, at which point the interest rate resets to the Five-Year US Treasury Rate plus a spread. Reset terms are as defined in the applicable prospectus supplement. We may defer interest payments on the subordinated notes for up to consecutive years.
During the second quarter of 2025, we issued $600 million of 6.875% Fixed-Rate Reset Junior Subordinated Debentures due June 28, 2055 (2055 Subordinated Notes). We will accrue interest quarterly and pay interest at an annual fixed rate of 6.875% on the 2055 Subordinated Notes semi-annually, which commenced on December 28, 2025 until June 28, 2035. On June 28, 2035, and every fifth annual anniversary thereafter, the interest rate will reset to the Five-Year US Treasury Rate (as defined in the applicable prospectus supplement) plus 2.582%. We may defer interest payments for up to consecutive years.
The following is a summary of our debt:
Outstanding Balance | |||||||||||||||||||||||||||||
| December 31, | |||||||||||||||||||||||||||||
| (In millions, except percentages) | Issue Date | Maturity Date | Principal Balance | 2025 | 2024 | ||||||||||||||||||||||||
4.125% 2028 Senior Notes | January 12, 2018 | January 12, 2028 | $ | 1,000 | $ | 1,034 | $ | 1,050 | |||||||||||||||||||||
6.150% 2030 Senior Notes | April 3, 2020 | April 3, 2030 | 500 | 565 | 579 | ||||||||||||||||||||||||
3.500% 2031 Senior Notes | October 8, 2020 | January 15, 2031 | 500 | 517 | 520 | ||||||||||||||||||||||||
6.650% 2033 Senior Notes | November 21, 2022 | February 1, 2033 | 400 | 396 | 395 | ||||||||||||||||||||||||
5.875% 2034 Senior Notes | December 12, 2023 | January 15, 2034 | 600 | 585 | 584 | ||||||||||||||||||||||||
3.950% 2051 Senior Notes | May 25, 2021 | May 25, 2051 | 500 | 543 | 544 | ||||||||||||||||||||||||
3.450% 2052 Senior Notes | December 13, 2021 | May 15, 2052 | 500 | 504 | 504 | ||||||||||||||||||||||||
6.250% 2054 Senior Notes | March 22, 2024 | April 1, 2054 | 1,000 | 983 | 983 | ||||||||||||||||||||||||
6.625% 2055 Senior Notes | May 19, 2025 | May 19, 2055 | 1,000 | 979 | — | ||||||||||||||||||||||||
6.625% 2054 Subordinated Notes | October 10, 2024 | October 15, 2054 | 600 | 592 | 592 | ||||||||||||||||||||||||
6.875% 2055 Subordinated Notes | June 27, 2025 | June 28, 2055 | 600 | 592 | — | ||||||||||||||||||||||||
7.250% 2064 Subordinated Notes | March 7, 2024 | March 30, 2064 | 575 | 558 | 558 | ||||||||||||||||||||||||
| Total debt | $ | 7,775 | $ | 7,848 | $ | 6,309 | |||||||||||||||||||||||
Interest expense on long-term debt was $362 million, $248 million and $123 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Unsecured Revolving Promissory Note Payable with AGM—We have an unsecured revolving promissory note payable with AGM. See Note 15 – Related Parties for further information.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2018 | Feb 27, 2019 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.