Aspen Prices Public Offering of $150 Million of Perpetual Non-Cumulative Preference Shares
April 03 2012 - 5:32PM
Business Wire
Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) has
priced an underwritten public offering of 6,000,000 shares of 7.25%
of Perpetual Non-Cumulative Preference Shares (the “Preference
Shares”).
The Preference Shares have a liquidation preference of $25 per
share (or $150,000,000 in aggregate liquidation preference). The
underwriters have the option to purchase from Aspen up to an
additional 900,000 Preference Shares (or $22,500,000 in aggregate
liquidation preference).
The offering was made pursuant to an effective shelf
registration statement and is expected to close on April 11, 2012,
subject to customary closing conditions. Aspen intends to use the
net proceeds from the offering for general corporate purposes,
including supporting its insurance and reinsurance activities
through its operating subsidiaries as well as repurchasing its
outstanding ordinary shares as determined from time to time.
The Preference Shares rank equally with preference shares
previously issued by Aspen, and have no fixed maturity date. Aspen
may redeem all or a portion of the shares at a redemption price of
$25 per share on or after July 1, 2017. Aspen intends to list the
Preference Shares on the New York Stock Exchange under the symbol
“AHLPRB”.
The offering was led by Citigroup Global Markets Inc., Barclays
Capital Inc., UBS Securities LLC and Wells Fargo Securities, LLC as
joint book-running managers.
This offering may be made only by means of a preliminary
prospectus supplement and accompanying prospectus. Copies of the
preliminary prospectus supplement and the final prospectus may be
obtained, when available, from the U.S. Securities and Exchange
Commission's website at www.sec.gov. Alternatively, these documents
are available from the underwriters by contacting any of the
following:
- Citigroup Global Markets Inc., Brooklyn
Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220,
Attention: Prospectus Department, telephone (877) 858-5407 or email
batprospectusdept@citi.com
- Barclays Capital Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
telephone (888) 603-5847 or email
Barclaysprospectus@broadridge.com
- UBS Securities LLC, 299 Park Avenue New
York, NY 10171, Attention: Prospectus Specialist, telephone (877)
827-6444 ext. 561 3884
- Wells Fargo Securities, LLC, 1525 W
W.T. Harris Boulevard, NC0675, Charlotte, NC 28262, Attention:
Syndicate Operations, telephone (800) 326-5897 or email
cmclientsupport@wellsfargo.com
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the Preference Shares, nor shall
there be any sale of the Preference Shares in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Aspen Insurance Holdings Limited (“Aspen”)
Aspen provides reinsurance and insurance coverage to clients in
various domestic and global markets through wholly-owned
subsidiaries and offices in Bermuda, France, Germany, Ireland,
Singapore, Switzerland, the United Kingdom and the United States.
For the year ended December 31, 2011, Aspen reported $9.5 billion
in total assets, $4.5 billion in gross reserves, $3.2 billion in
shareholders’ equity and $2.2 billion in gross written premiums.
Its operating subsidiaries have been assigned a rating of “A”
(“Strong”) by Standard & Poor’s, an “A” (“Excellent”) by A.M.
Best and an “A2” (“Good”) by Moody’s Investors Service.
Application of the Safe Harbor of the Private Securities
Litigation Reform Act of 1995
This press release may contain written “forward-looking
statements” within the meaning of the U.S. federal securities laws.
These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include all statements that do not
relate solely to historical or current facts, and can be identified
by the use of words such as “expect,” “intend,” “plan,” “believe,”
“project,” “anticipate,” “seek,” “will,” “estimate,” “may,”
“continue,” and similar expressions of a future or forward-looking
nature.
All forward-looking statements rely on a number of assumptions,
estimates and data concerning future results and events and are
subject to a number of uncertainties and other factors, many of
which are outside Aspen’s control that could cause actual results
to differ materially from such statements, including changes in
market conditions and their impact on our business. For a detailed
description of uncertainties and other factors that could impact
the forward-looking statements in this press release, please see
the “Risk Factors” section in Aspen’s Annual Report on Form 10-K
for the year ended December 31, 2011, filed with the U.S.
Securities and Exchange Commission on February 28, 2012. Aspen
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
For further information
Please visit www.aspen.co or contact:
Aspen Insurance (NYSE:AHL)
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