Maiden Holdings Closes Senior Notes Offering
Bermuda-based Maiden Holdings, Ltd. wholly owned U.S. holding company, Maiden Holdings North America, Ltd. has closed its offering of $152.5 million aggregate principal amount of 7.75% Senior Notes due December 1, 2043, which are fully and unconditionally guaranteed by Maiden. The offering was priced on November 18, 2013.
Total net proceeds from the offering were approximately $147.4 million, after deducting the underwriting discount and estimated offering expenses payable by Maiden NA and the Company.
As previously announced, the net proceeds will be used to redeem Maiden NA’s outstanding 14% coupon trust preferred securities. Maiden NA has begun the process of notifying all TRUPs holders of the upcoming redemption on January 15, 2014.
