Aspen Prices Public Offering Of $225 Million
Bermuda-based Aspen Insurance Holdings Limited has priced an underwritten public offering of 9,000,000 shares of 5.625% Perpetual Non-Cumulative Preference Shares.
The Preference Shares have a liquidation preference of $25 per share [or $225,000,000 in aggregate liquidation preference]. The underwriters have the option to purchase from Aspen up to an additional 1,000,000 Preference Shares [or $25,000,000 in aggregate liquidation preference].
The offering was made pursuant to an effective shelf registration statement and is expected to close on September 20, 2016, subject to customary closing conditions.
Aspen intends to use the net proceeds from the offering to redeem all or a portion of Aspen’s outstanding 7.401% Perpetual Non-Cumulative Preference Shares and 7.250% Perpetual Non-Cumulative Preference Shares when they become redeemable on January 1, 2017 and July 1, 2017, respectively.
The Preference Shares rank equally with preference shares previously issued by Aspen and have no fixed maturity date. Aspen may redeem all or a portion of the shares at a redemption price of $25 per share on or after January 1, 2027 and in certain other circumstances at applicable redemption prices. Aspen intends to list the Preference Shares on the New York Stock Exchange under the symbol “AHLPRD”.
