Ariel Holdings: Debenture Holders Notice
Bermuda-based Ariel Holdings Ltd. yesterday [Mar. 15] issued a notice to holders of its Floating Rate Junior Subordinated Deferrable Interest Debentures.
In its statement, Ariel said: “On March 1, 2012, the company announced that it had entered into an agreement with Arrow Capital Management Holdings LLC, an affiliate of The Goldman Sachs Group, Inc., pursuant to which the Purchaser will acquire certain of the company’s Bermuda-based insurance and reinsurance operations.
“We are providing this notice to holders of the company’s Subordinated Debentures to affirm that, upon the closing of the Acquisition, the Purchaser intends to enter into a Supplemental Indenture and, pursuant to the Supplemental Indenture, Purchaser will thereby assume, as successor, the obligations of the company under and in accordance with the terms of the Indenture governing the Subordinated Debentures.”
Closing of the Acquisition is currently scheduled to occur on April 2, 2012.
Ariel Holdings Ltd. is a holding company with underwriting operations in the reinsurance and specialty insurance businesses through Ariel Re, a Bermuda-based reinsurer and Atrium Underwriters, a Lloyd’s underwriter and managing agent.
