Maiden Holdings Closing Of $150M Share Offering
Bermuda-based Maiden Holdings today [Aug 29] announced that it has closed its underwritten public offering of $150 million of its 8.25% Non-Cumulative Preferred Shares with a liquidation preference of $25.00 per share. The offering was priced on August 22, 2012.
Total net proceeds from the offering were approximately $145.0 million, after deducting the underwriting discount and estimated offering expenses payable by the Company.
As previously announced, Maiden expects to use the net proceeds from the offering for continued support and development of its reinsurance business and for other general corporate purposes, which may include repurchasing the Company’s outstanding common shares and repurchasing the Company’s outstanding 14% 30-year trust preferred securities issued in January 2009.
The Company presently has no plans to repurchase a portion of the outstanding TRUPS with these proceeds prior to January 20, 2014 and expects to invest such net proceeds in marketable fixed income securities and short term investments.
