Aspen Announces Redemption of Outstanding 6.00% Senior Notes Due 2020 and Declares Dividends on Newly Issued Preference Shares
August 30 2019 - 4:10PM
Business Wire
Aspen Insurance Holdings Limited (“Aspen”) announced today that
it has issued notice to redeem the outstanding $125,000,000
principal amount of 6.00% Senior Notes due 2020 (the “Notes”).
The redemption date will be September 30, 2019. The redemption
price for the Notes will be equal to the greater of (i) 100% of the
principal amount of the Notes being redeemed or (ii) the sum of the
present values of the remaining scheduled payments on the Notes
(excluding accrued interest) discounted to the redemption date
using a defined treasury rate plus 45 basis points. Accrued and
unpaid interest on the Notes will be paid up to but excluding the
redemption date.
Aspen also announced that the Board of Directors has declared a
dividend on its newly issued 5.625% Perpetual Non-Cumulative
Preference Shares (the “2019 Preference Shares”). The 2019
Preference Shares are represented by depositary shares, each
representing a 1/1000th interest in a 2019 Preference Share, and
have a $25,000 liquidation preference per 2019 Preference Share
(equivalent to $25 per Depositary Share). The dividend of $191.40
per 2019 Preference Share, equivalent to $0.1914 per Depositary
Share, is payable on October 1, 2019 to the holders of record as of
the close of business on September 15, 2019.
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, Ireland,
Singapore, Switzerland, the United Arab Emirates, the United
Kingdom and the United States. For the year ended December 31,
2018, Aspen reported $12.5 billion in total assets, $7.1 billion in
gross reserves, $2.7 billion in total shareholders’ equity and $3.4
billion in gross written premiums. Aspen's operating subsidiaries
have been assigned a rating of “A” by Standard & Poor’s
Financial Services LLC (“S&P”), an “A” (“Excellent”) by A.M.
Best Company Inc. (“A.M. Best”) and an “A2” by Moody’s Investors
Service, Inc. (“Moody’s”).
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains written “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that 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. In particular,
statements using the words such as “expect,” “intend,” “plan,”
“believe,” “project,” “anticipate,” “seek,” “will,” “estimate,”
“may,” “likely,” “continue,” “assume,” “objective,” “aim,”
“guidance,” “outlook,” “trends,” “future,” “could,” “would,”
“should,” “target,” “predict,” “potential,” “on track” or their
negatives or variations, and similar terminology and words of
similar import, generally involve future or forward-looking
statements. The inclusion of forward-looking statements in this
press release or any other communication should not be considered
as a representation by Aspen that current plans or expectations
will be achieved. Forward-looking statements speak only as of the
date on which they are made and Aspen undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future developments or otherwise,
except as required by law.
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 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, 2018, as amended by Amendment No. 1 on
Form 10-K/A and Quarterly Report on Form 10-Q for the three months
ended March 31, 2019, each as filed with the U.S. Securities and
Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20190830005391/en/
Media enquiries to: Peter
Krinks, Senior Group Communications Manager peter.krinks@aspen.co
+44 20 7184 8544
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