Maiden Holdings Announces Closing of $150 Million 6.700% Non-Cumulative Preference Share Offering
June 15 2017 - 11:25AM
Maiden Holdings, Ltd. (the “Company”) (Nasdaq:MHLD) today announced
that it has closed its underwritten public offering of $150 million
of its 6.700% Non-Cumulative Preference Shares, Series D (the
“Preference Shares”), with a liquidation preference of $25.00 per
share. The offering was priced on June 8, 2017.
Total net proceeds from the offering were approximately $145
million, after deducting the underwriting discount and estimated
offering expenses payable by the Company. As previously announced,
the Company expects to use the net proceeds from the offering to
repay Maiden Holdings North America, Ltd.’s outstanding $100.0
million aggregate principal amount of 8.00% notes due 2042, for
continued support and development of the Company’s reinsurance
business and for other general corporate purposes.
BofA Merrill Lynch, Morgan Stanley and UBS Investment Bank acted
as joint book-running managers for the offering and FBR Capital
Markets & Co., JMP Securities and Compass Point acted as
co-managers for the offering.
The Preference Shares may be offered only by means of a
Prospectus Supplement and accompanying Prospectus, copies of which
may be obtained by contacting Merrill Lynch, Pierce, Fenner &
Smith Incorporated toll-free at 1-800-294-1322; Morgan Stanley
& Co. LLC toll-free at 1-800-584-6837; or UBS Securities LLC
toll-free at 1-888-827-7275.
This announcement does not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor will there be
any offer or sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful.
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed
in 2007. Through its subsidiaries, which are each A rated
(excellent) by A.M. Best, the Company is focused on providing
non-catastrophic, customized reinsurance products and services to
small and mid-size insurance companies in the United States and
Europe. As of March 31, 2017, Maiden had $6.6 billion in assets and
shareholders' equity of $1.4 billion.
Forward-Looking Statements This
release contains "forward-looking statements" which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The forward-looking statements are
based on the Company's current expectations and beliefs concerning
future developments and their potential effects on the Company.
There can be no assurance that actual developments will be those
anticipated by the Company. Actual results may differ materially
from those projected as a result of significant risks and
uncertainties, including non-receipt of the expected payments,
changes in interest rates, effect of the performance of financial
markets on investment income and fair values of investments,
developments of claims and the effect on loss reserves, accuracy in
projecting loss reserves, the impact of competition and pricing
environments, changes in the demand for the Company's products, the
effect of general economic conditions and unusual frequency of
storm activity, adverse state and federal legislation, regulations
and regulatory investigations into industry practices, developments
relating to existing agreements, heightened competition, changes in
pricing environments, and changes in asset valuations. Additional
information about these risks and uncertainties, as well as others
that may cause actual results to differ materially from those
projected is contained in Item 1A. Risk Factors in the Company's
Annual Report on Form 10-K for the year ended December 31, 2016 as
updated in periodic filings with the SEC. The Company undertakes no
obligation to publicly update any forward-looking statements,
except as may be required by law.
Contact:
Noah Fields, Senior Vice President, Investor Relations
Maiden Holdings, Ltd.
Phone: 441.298.4927
E-mail: nfields@maiden.bm
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