Maiden Holdings plans offering of noncumulative preference shares; price talk around 7.25%

By Stephanie N. Rotondo

Seattle, Nov. 18 – Maiden Holdings Ltd. intends to price a minimum of $100 million series C noncumulative perpetual preference shares (expected rating: BB), according to a prospectus filed with the Securities and Exchange Commission on Wednesday.

Price talk is in the 7.25% area, a market source reported.

Morgan Stanley & Co. LLC, BofA Merrill Lynch 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, beginning March 15, 2016. The shares become redeemable in 2020 at par plus accrued dividends.

The shares can also be redeemed upon a tax event.

The new securities will be listed on the New York Stock Exchange.

The Hamilton, Bermuda-based reinsurance company will use the proceeds for continued support and development of its business and for other general corporate purposes, including acquisitions, working capital and to repay outstanding debt, including the $107.5 million of outstanding 8.25% senior notes due 2041.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.