Validus Public Offering Of Depositary Shares
Bermuda-based Validus Holdings has priced an underwritten public offering of 6,000,000 Depositary Shares, each of which represents a 1/1,000th interest in a share of its 5.875% Non-Cumulative Preference Shares, Series A, $0.175 par value and $25,000 liquidation preference per share [equivalent to $25 per Depositary Share].
Validus said they intend to use the net proceeds from the offering for “general corporate purposes.” The offering is expected to close on June 13, 2016, subject to customary closing conditions.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and UBS Securities LLC are acting as joint book-running managers for the offering.
