By Stephanie N. Rotondo
Portland, Ore., March 21 - Maiden Holdings Ltd. subsidiary Maiden Holdings North America Ltd. gave new details about its $100 million sale of 8% senior notes due March 27, 2042 in an FWP filed with the Securities and Exchange Commission on Wednesday.
The notes (/BBB-/) priced in line with talk on Tuesday. The public offering price is par, and the underwriters paid 96.85% of par for the notes.
The parent company fully and unconditionally guarantees the $25-par notes.
There is a $15 million over-allotment option.
Bank of America Merrill Lynch is the bookrunning manager. Co-managers are FBR Capital Markets & Co., JMP Securities LLC, Keefe, Bruyette & Woods, Inc. and Sterne, Agee & Leach, Inc.
Interest on the notes is payable in March, June, September and December.
The paper can be redeemed beginning March 27, 2017.
Maiden will apply to list the notes on the New York Stock Exchange. Settlement is expected March 27.
Proceeds will be used for general corporate purposes, which may include repurchasing the company's 14% 30-year trust preferreds or for working capital.
Maiden Holdings is a Hamilton, Bermuda-based reinsurance company. Maiden Holdings North America is based in Mount Laurel, N.J.
| Issuer: | Maiden Holdings North America Ltd.
|
| Guarantor: | Maiden Holdings Ltd.
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| Securities: | Senior notes
|
| Amount: | $100 million, or 4 million notes
|
| Greenshoe: | $15 million
|
| Maturity: | March 27, 2042
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| Coupon: | 8%
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| Price: | Par of $25
|
| Call option: | Beginning March 27, 2017
|
| Bookrunner: | Bank of America Merrill Lynch
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| Co-managers: | FBR Capital Markets & Co., JMP Securities LLC, Keefe, Bruyette & Woods, Inc. and Sterne, Agee & Leach, Inc.
|
| Pricing date: | March 20
|
| Settlement date: | March 27
|
| Rating: | Standard & Poor's: BBB-
|
| Cusip: | 56029Q309
|
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