Ariel Holdings Ltd. Notice to Holders of Its Floating Rate Junior Subordinated Deferrable Interest Debentures
March 15 2012 - 3:08PM
Business Wire
Ariel Holdings Ltd. (the “Company”) today issued the following
notice to holders of its Floating Rate Junior Subordinated
Deferrable Interest Debentures (“Subordinated Debentures”):
On March 1, 2012, the Company announced that it had entered into
an agreement with Arrow Capital Management Holdings LLC
(“Purchaser”), an affiliate of The Goldman Sachs Group, Inc.,
pursuant to which the Purchaser will acquire certain of the
Company’s Bermuda-based insurance and reinsurance operations (the
“Acquisition”).
We are providing this notice to holders of the Company’s
Subordinated Debentures to affirm that, upon the closing of the
Acquisition, the Purchaser intends to enter into a Supplemental
Indenture and, pursuant to the Supplemental Indenture, Purchaser
will thereby assume, as successor, the obligations of the Company
under and in accordance with the terms of the Indenture governing
the Subordinated Debentures.
Closing of the Acquisition is currently scheduled to occur on
April 2, 2012.
Ariel Holdings Ltd. is a holding company with underwriting
operations in the reinsurance and specialty insurance businesses
through Ariel Re, a Bermuda-based reinsurer and Atrium
Underwriters, a Lloyd’s underwriter and managing agent.