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American Equity makes capital contribution to insurance unit, secures $150M revolving credit facility

AmericanEquity Investment Life Holding Co. has made a capital contributionto its insurance unit AmericanEquity Investment Life Insurance Co. from the proceeds of a $100million term loan.

American Equity Investment Life Holding entered into acredit agreement with certain lenders and JPMorgan Chase Bank NA as a lenderand as administrative agent providing for the term loan and a $150 millionunsecured revolving credit facility. The maturity date of therevolving credit facility is Sept. 30, 2021, and the term loan matures Sept.30, 2019.

The agreement includes an accordion feature that enables thecompany to increase the revolving facility by $50 million, subject to certainterms and conditions. The company plans to use the proceeds from the revolvingfacility for general corporate purposes.

The revolving facility replaces the company's credit agreement.