By Stephanie N. Rotondo
Phoenix, Aug. 22 - Maiden Holdings Ltd. is issuing $150 million of 8.25% series A noncumulative perpetual preference shares, the company said in a press release on Wednesday.
The deal came in line with talk.
Bank of America Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunning managers.
When declared, dividends will be paid on the 15th day of March, June, September and December.
The preference shares are redeemable at any time on or after Aug. 29, 2017. Prior to that, they are redeemable only in the case of certain tax or corporate events.
Maiden intends to list the preference shares on the New York Stock Exchange under the ticker symbol "MHPA." Settlement is expected Aug. 29.
Proceeds will be used for general corporate purposes, including possible common share buybacks or trust preferred redemptions.
Maiden Holdings is a Hamilton, Bermuda-based reinsurance holding company.
| Issuer: | Maiden Holdings Ltd.
|
| Securities: | Series A noncumulative preferred stock
|
| Amount: | $150 million, or 6 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC
|
| Dividend: | 8.25%
|
| Price: | Par of $25.00
|
| Yield: | 8.25%
|
| Call option: | On or after Aug. 29, 2017
|
| Pricing date: | Aug. 22
|
| Settlement date: | Aug. 29
|
| Expected lising: | NYSE: MHPA
|
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