$39.50: AXIS Secondary Public Offering Pricing
Bermuda-based AXIS Capital Holdings Limited announced the pricing of an underwritten secondary public offering of 2,736,223 common shares at a price of $39.50 per share. The common shares are being sold by Trident II, L.P. and related entities.
After giving effect to this offering and the recently announced repurchase of 3,000,0000 common shares by AXIS Capital from Trident, Trident will no longer own any of AXIS Capital’s common shares. No common shares are being sold by AXIS Capital in this offering, and it will not receive any proceeds from the offering.
UBS Investment Bank will be the sole underwriter for the offering of the common shares. The common shares are being offered and sold under AXIS Capital’s effective shelf registration statement on Form S-3.
The common shares purchased by the underwriter are expected to be offered for resale from time to time in negotiated transactions or otherwise, at market prices on the New York Stock Exchange prevailing at the time of sale, at prices related to such prevailing market prices or otherwise. On February 8, 2012, the closing price of the AXIS Capital’s common shares on the New York Stock Exchange was $40.30 per share.
