Aspen Insurance Holdings Announces Pricing of $250 Million Senior Notes Offering
August 11 2004 - 4:55PM
PR Newswire (US)
Aspen Insurance Holdings Announces Pricing of $250 Million Senior
Notes Offering HAMILTON, Bermuda, Aug. 11 /PRNewswire-FirstCall/ --
Aspen Insurance Holdings Limited (NYSE:AHL)(BSX:AHLBSX:BH) today
announced the pricing of a 10 year $250 million 6% Senior Notes
offering under Rule 144A and Regulation S under the Securities Act
of 1933. The Senior Notes will mature on August 15, 2014, unless
previously redeemed. The Company also has granted certain customary
exchange and shelf registration rights to noteholders under the
terms of the Senior Notes. The offering is expected to close on
August 16, 2004 and will result in net proceeds to the Company of
approximately $247 million. A portion of the proceeds of the
offering are intended to be used to repay $40 million in principal
amount of outstanding borrowings under the Company's existing
credit facilities. The remainder of the net proceeds will be
contributed to one or more of the Company's insurance subsidiaries
in order to increase their respective capital and surplus, and
consequently, their respective underwriting capacity. The Senior
Notes have not been registered under the Securities Act and may not
be offered or sold in the United States unless registered under the
Securities Act or under an exemption from such requirements. The
securities are being sold in offshore transactions to non-U.S.
persons or in privately negotiated exempt transactions under
circumstances that permit resale under Rule 144A. This release
shall not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale
would be unlawful. About Aspen Insurance Holdings Limited Aspen
Insurance Holdings Limited (Aspen) was established in June 2002.
Aspen is a Bermudian holding company that provides property and
casualty reinsurance in the global market, property and liability
insurance principally in the United Kingdom and surplus lines
insurance in the United States. Aspen's operations are conducted
through its wholly owned subsidiaries located in London, Bermuda
and the United States: Aspen Insurance UK Limited (Aspen Re), Aspen
Insurance Limited (Aspen), Aspen Specialty Insurance Company (Aspen
Specialty) and Aspen Re America Inc (Aspen Re America). Aspen's
reinsurance segment consists of property reinsurance, casualty
reinsurance and specialty reinsurance lines of business. Aspen's
insurance segment consists of commercial property, commercial
liability and U.S. surplus insurance lines of business. Aspen's
principal existing shareholders include The Blackstone Group,
Candover Partners Limited, Wellington Underwriting plc and Credit
Suisse First Boston Private Equity. DATASOURCE: Aspen Insurance
Holdings Limited CONTACT: Investor: Noah Fields, Head of Investor
Relations of Aspen Insurance Holdings Limited, +1-441-297-9382; US:
Carina Thate or Jason Thompson, both of The Abernathy MacGregor
Group, +1-212-371-5999; UK: Emma Burdett or Brian Hudspith, both of
The Maitland Consultancy, +44-20-7379-5151
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