Aspen Prices Public Offering of $225 Million of Perpetual Non-Cumulative Preference Shares
September 13 2016 - 6:15PM
Business Wire
Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) has priced
an underwritten public offering of 9,000,000 shares of 5.625%
Perpetual Non-Cumulative Preference Shares (the “Preference
Shares”). The Preference Shares have a liquidation preference of
$25 per share (or $225,000,000 in aggregate liquidation
preference). The underwriters have the option to purchase from
Aspen up to an additional 1,000,000 Preference Shares (or
$25,000,000 in aggregate liquidation preference).
The offering was made pursuant to an effective shelf
registration statement and is expected to close on September 20,
2016, subject to customary closing conditions. Aspen intends to use
the net proceeds from the offering to redeem all or a portion of
Aspen’s outstanding 7.401% Perpetual Non-Cumulative Preference
Shares and 7.250% Perpetual Non-Cumulative Preference Shares when
they become redeemable on January 1, 2017 and July 1, 2017,
respectively.
The Preference Shares rank equally with preference shares
previously issued by Aspen and have no fixed maturity date. Aspen
may redeem all or a portion of the shares at a redemption price of
$25 per share on or after January 1, 2027 and in certain other
circumstances at applicable redemption prices. Aspen intends to
list the Preference Shares on the New York Stock Exchange under the
symbol “AHLPRD”.
The offering was led by Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Morgan Stanley & Co. LLC, Wells Fargo
Securities, LLC, Citigroup Global Markets Inc. and Barclays Capital
Inc. as joint book-running managers.
This offering may be made only by means of a preliminary
prospectus supplement and accompanying prospectus. Copies of the
final prospectus and accompanying prospectus may be obtained, when
available, from the U.S. Securities and Exchange Commission's
website at www.sec.gov. Alternatively, these documents are
available from the underwriters by contacting any of the
following:
- Merrill Lynch, Pierce, Fenner &
Smith Incorporated, NC1-004-03-43, 200 North College Street, 3rd
floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus
Department, Telephone: (800) 294-1322, Email:
dg.prospectus_requests@baml.com
- Morgan Stanley & Co. LLC, 180
Varick Street, New York, New York 10014, Attention: Prospectus
Department, Telephone: (800) 584-6837, Email:
prospectus@morganstanley.com
- Wells Fargo Securities, LLC, 608 2nd
Avenue South, Suite 1000, Minneapolis, Minnesota 55402, Attention:
WFS Customer Service, Telephone: (800) 645-3751, Email:
wfscustomerservice@wellsfargo.com
- Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
New York 11717, Telephone: (800) 831-9146, Email:
prospectus@citi.com
- Barclays Capital Inc., Attention:
Prospectus Department, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, New York 11717, Telephone: (888)
603-5847, Email: barclaysprospectus@broadridge.com
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the Preference Shares, nor shall
there be any sale of the Preference Shares in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in
various domestic and global markets through wholly-owned
subsidiaries and offices in Australia, Bermuda, Canada, France,
Germany, Ireland, Singapore, Switzerland, the United Arab Emirates,
the United Kingdom and the United States. For the year ended
December 31, 2015, Aspen reported $11.0 billion in total assets,
$4.9 billion in gross reserves, $3.4 billion in total shareholders’
equity and $3.0 billion in gross written premiums. Its operating
subsidiaries have been assigned a rating of “A” by Standard &
Poor’s Financial Services LLC, an “A” (“Excellent”) by A.M. Best
Company Inc. and an “A2” by Moody’s Investor Service, Inc.
Application of the Safe Harbor of the Private Securities
Litigation Reform Act of 1995
This press release may contain "forward-looking" statements
within the meaning of the U.S. federal securities laws. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that do not relate solely to
historical or current facts and can be identified by the use of
words such as “expect,” “intend,” “plan,” “believe,” “do not
believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,”
“assume,” “estimate,” “may,” “continue,” “guidance,” “objective,”
“outlook,” “trends,” “future,” “could,” “would,” “should,”
“target,” “on track” and similar expressions of a future or
forward-looking nature.
All forward-looking statements rely on a number of assumptions,
estimates and data concerning future results and events and are
subject to a number of uncertainties and other factors, many of
which are outside Aspen’s control that could cause actual results
to differ materially from such statements. For a detailed
description of uncertainties and other factors that could impact
the forward-looking statements in this press release, please see
the “Risk Factors” section in Aspen’s Annual Report on Form 10-K
for the year ended December 31, 2015 filed with the U.S. Securities
and Exchange Commission on February 19, 2016. Aspen undertakes no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160913006708/en/
AspenInvestorsMark Jones, +1-646-289-4945Senior
Vice President, Investor
Relationsmark.p.jones@aspen.coorMediaSteve Colton, +44 20
7184 8337Head of Group CommunicationsSteve.colton@aspen.co
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