Maiden Holdings, Ltd. Announces Pricing of $152.5 Million Offering of 7.75% Senior Notes Due December 1, 2043; Proceeds to be...
November 18 2013 - 3:34PM
Maiden Holdings, Ltd. (Nasdaq:MHLD) ("Maiden" or "the Company")
today announced that its wholly owned U.S. holding company, Maiden
Holdings North America, Ltd. ("Maiden NA"), has priced the offering
of $152.5 million aggregate principal amount of 7.75% Senior Notes
due December 1, 2043 (the "Notes"), which are fully and
unconditionally guaranteed by Maiden. The Notes are redeemable for
cash, in whole or in part, on or after December 1, 2018, at 100% of
the principal amount of the Notes to be redeemed plus accrued and
unpaid interest to but excluding the redemption date.
Maiden NA intends to apply to list the Notes on the New York
Stock Exchange and expects trading in the Notes to begin on the New
York Stock Exchange within 30 days after issuance. The offering is
expected to close on November 25, 2013, subject to customary
closing conditions.
The net proceeds will be used to repurchase Maiden NA's
outstanding 14% coupon trust preferred securities ("TRUPS") on
January 15, 2014, when outstanding TRUPS are redeemable without the
call premium.
The Notes are being offered under an effective shelf
registration statement previously filed with the Securities and
Exchange Commission ("SEC").
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
Any offers of the securities will be made exclusively by means of a
prospectus supplement and accompanying prospectus. Copies of the
prospectus and the prospectus supplement relating to the offering
may be obtained from the joint book-running managers of the
offering:
Merrill Lynch, Pierce, Fenner & Smith
Incorporated |
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Morgan Stanley & Co. LLC |
Attention: Prospectus Department |
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180 Varick Street |
222 Broadway |
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New York, New York 10014 |
New York, New York 10038 |
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Attention: Prospectus Department |
email: dg.prospectus_requests@baml.com |
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e-mail: prospectus@morganstanley.com |
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Wells Fargo Securities, LLC |
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Goldman, Sachs & Co. |
608 South 2nd Avenue |
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Prospectus Department |
Minneapolis, MN 55402 |
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200 West Street |
Attention: Capital Markets Client
Support |
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New York, NY 10282 |
Telephone: (800) 326-5897 |
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telephone: (866) 471-2526 |
e-mail: cmclientsupport@wellsfargo.com |
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facsimile: (212) 902-9316 |
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email: prospectus-ny@ny.email.gs.com |
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed
in 2007. Through its subsidiaries, which each have a
financial strength rating of A- (excellent) from 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 September 30,
2013, Maiden had $4.4 billion in assets and shareholders' equity of
$973.5 million.
The Maiden Holdings, Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5006
Forward-looking Statements Safe Harbor
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 Maiden's current expectations and beliefs
concerning future developments and their potential effects on
Maiden. There can be no assurance that actual developments will be
those anticipated by Maiden. Actual results may differ materially
from those projected as a result of significant risks and
uncertainties, including the ability to complete the offering,
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 Maiden'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 Maiden's Annual
Report on Form 10-K for the year ended December 31, 2012 as updated
in periodic filings with the SEC. Maiden undertakes no obligation
to publicly update any forward-looking statements, except as may be
required by law.
CONTACT: Noah Fields, Vice President, Investor Relations
Maiden Holdings, Ltd.
Phone: 441.298.4927
E-mail: nfields@maiden.bm
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