Arch Capital Group Ltd. Announces $500 Million Public Offering of Depositary Shares Representing Series G Preferred Shares
June 02 2021 - 4:28PM
Business Wire
Arch Capital Group Ltd. [NASDAQ: ACGL] announced today that it
has priced an underwritten public offering of 20,000,000 Depositary
Shares, each of which represents a 1/1,000th interest in a 4.550%
Non-Cumulative Preferred Share, Series G, of ACGL (the “Series G
Preferred Shares”). The public offering price is $25 per Depositary
Share for an aggregate public offering price of $500 million. The
Company intends to use the net proceeds of this offering to redeem
all or a portion of its issued and outstanding Series E
Non-Cumulative Preferred Shares in September 2021 and to use any
remaining amounts for general corporate purposes. The offering is
expected to close on June 11, 2021, subject to customary closing
conditions. The Company has applied to list the Depositary Shares
on NASDAQ under the symbol “ACGLN.”
On or after June 11, 2026, the Company may redeem all or a
portion of the Series G Preferred Shares at a redemption price
equal to $25,000 per Series G Preferred Share (equivalent to $25
per Depositary Share), plus declared and unpaid dividends, if any,
to, but excluding, the date of redemption.
The offering is being led by BofA Securities, Inc., J.P. Morgan
Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets,
LLC and Wells Fargo Securities, LLC as joint book-running
managers.
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 the offer,
solicitation or sale is not permitted. The offering is being made
pursuant to the Company’s effective shelf registration statement
previously filed with the Securities and Exchange Commission. This
offering may be made only by means of a prospectus, including a
preliminary prospectus supplement, forming a part of the effective
registration statement.
You may obtain a copy of the preliminary prospectus supplement,
the final prospectus supplement, when available, and accompanying
prospectus from the Securities and Exchange Commission at
www.sec.gov. Alternatively, the underwriters may arrange to send
you these documents if you request them by contacting BofA
Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd
floor, Charlotte, NC 28255-0001, Attn: Prospectus Department or by
emailing dg.prospectus_requests@bofa.com; J.P. Morgan Securities
LLC, 383 Madison Avenue, New York, New York 10179 Attention:
Investment Grade Syndicate Desk - 3rd floor or by calling (212)
834-4533; Morgan Stanley, 180 Varick Street, 2nd Floor, New York,
New York 10014, Attention: Prospectus Department; RBC Capital
Markets, LLC, Brookfield Place, 200 Vesey Street, 8th Floor, New
York, NY 10281, Attention: Investment Grade Syndicate Desk, by
calling toll-free: 1-866-375-6829, or by emailing:
rbcnyfixedincomeprospectus@rbccm.com; or Wells Fargo Securities,
LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn:
WFS Customer Service, by calling toll-free: 1-800-645-3751 or by
emailing: wfscustomerservice@wellsfargo.com.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a publicly listed Bermuda exempted
company with approximately $15.8 billion in capital at March 31,
2021 provides insurance, reinsurance and mortgage insurance on a
worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward−looking statements. This release or any
other written or oral statements made by or on behalf of Arch
Capital Group Ltd. and its subsidiaries may include forward−looking
statements, which reflect our current views with respect to future
events and financial performance. All statements other than
statements of historical fact included in or incorporated by
reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the
use of forward−looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe" or "continue" or
their negative or variations or similar terminology.
Forward−looking statements involve our current assessment of risks
and uncertainties. Actual events and results may differ materially
from those expressed or implied in these statements. A
non-exclusive list of the important factors that could cause actual
results to differ materially from those in such forward-looking
statements includes the following: adverse general economic and
market conditions; increased competition; pricing and policy term
trends; fluctuations in the actions of rating agencies and the
Company’s ability to maintain and improve its ratings; investment
performance; the loss of key personnel; the adequacy of the
Company’s loss reserves, severity and/or frequency of losses,
greater than expected loss ratios and adverse development on claim
and/or claim expense liabilities; greater frequency or severity of
unpredictable natural and man-made catastrophic events,
including pandemics such as COVID-19; the impact of acts of
terrorism and acts of war; changes in regulations and/or tax laws
in the United States or elsewhere; the Company’s ability to
successfully integrate, establish and maintain operating procedures
as well as consummate acquisitions and integrate the businesses the
Company has acquired or may acquire into the existing operations;
changes in accounting principles or policies; material differences
between actual and expected assessments for guaranty funds and
mandatory pooling arrangements; availability and cost to the
Company of reinsurance to manage the Company’s gross and net
exposures; the failure of others to meet their obligations to the
Company; changes in the method for determining the London
Inter-bank Offered Rate (“LIBOR”) and the potential replacement of
LIBOR and other factors identified in the Company’s filings with
the U.S. Securities and Exchange Commission (“SEC”).
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with
other cautionary statements that are included herein or elsewhere.
All subsequent written and oral forward−looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. The
Company undertakes no obligation to publicly update or revise any
forward−looking statement, whether as a result of new information,
future events or otherwise.
arch-corporate
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210602006033/en/
Arch Capital Group Ltd. François Morin (441) 278-9250
Arch Capital (NASDAQ:ACGL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Arch Capital (NASDAQ:ACGL)
Historical Stock Chart
From Apr 2023 to Apr 2024