Maiden Holdings Announces Pricing of $150 Million 6.700% Non-Cumulative Preference Share Offering
June 08 2017 - 3:36PM
Maiden Holdings, Ltd. (the “Company”) (Nasdaq:MHLD) today announced
that it has priced an 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 Company expects to receive the net proceeds from the
sale of the Preference Shares on June 15, 2017, subject to
customary closing conditions. Except in certain limited
circumstances, the Preference Shares are not redeemable prior to
June 15, 2022. On or after that date, subject to certain approvals
prior to June 15, 2027, the Company may redeem at its option, for
cash, in whole or in part, the Preference Shares at a redemption
price of $25.00 per share plus declared and unpaid dividends, if
any, to, but excluding, the date of redemption, without
accumulation of any undeclared dividends. The Company intends to
apply to list the Preference Shares for trading on the New York
Stock Exchange under the symbol “MHPRD.” If the application is
approved, we expect trading to commence 30 days following the
initial issuance of the Preference Shares.
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 are
acting as joint book-running managers for the offering and FBR
Capital Markets & Co., JMP Securities and Compass Point are
acting as co-managers for the offering.
The Preference Shares are being offered under the Company’s
effective shelf registration statement previously filed with the
Securities and Exchange Commission (“SEC”).
The Preference Shares may be offered only by means of a
Prospectus Supplement and accompanying Prospectus. You may obtain a
copy of the Prospectus Supplement and accompanying Prospectus from
the SEC at www.sec.gov. Alternatively, the underwriters may
arrange to send you these documents if you request them 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, Attn: Prospectus
Department, 1285 Avenue of the Americas, New York, NY 10019 or by
telephone 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
Maiden (NASDAQ:MHLD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Maiden (NASDAQ:MHLD)
Historical Stock Chart
From Jul 2023 to Jul 2024