Arch: Closing Of $325 Million Public Offering
Bermuda-based Arch Capital Group Ltd. announced that it has closed an underwritten public offering of $325 million of its 6.75% Non-Cumulative Preferred Shares, Series C, with a liquidation preference of $25.00 per share.
The Company intends to apply to list the Series C Non-Cumulative Preferred Shares on the New York Stock Exchange under the symbol “ARHPrC.” The offering was led by Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and UBS Securities LLC as joint book-running managers.
The Company also announced today that it had called for redemption on May 2, 2012 its outstanding $200 million of 8.0% Series A Non-Cumulative Preferred Shares and $125 million of 7.875% Series B Non-Cumulative Preferred Shares.
The Preferred Shares will be redeemed at a redemption price equal to $25.00 per share, plus all declared and unpaid dividends to (but excluding) the redemption date. Declared and unpaid dividends will be paid to the holders of record on May 1, 2012 of the Series A Non-Cumulative Preferred Shares and the Series B Non-Cumulative Preferred Shares.
