Aspen prices offering of $200m in depositary shares

Aspen Insurance Holdings has priced a public offering of $200 million of depositary shares  each of which will be used as a share of a new 7% preference share. 

The preference shares will be used to refund the redemption some or all if its 5.95% preference shares and for general corporate purposes, the Bermuda-based company said.  

The  depositary shares each represent a 1/1,000th interest in a share of the 7% preference shares. The preference shares have a liquidation preference of $25,000 per share, or $25 per depositary share. 

The offering was made pursuant to an effective shelf registration statement and is expected to close on November 26. 

“The Preference Shares rank equally with preference shares previously issued by Aspen and have no fixed maturity date,” Aspen said. “Aspen may redeem all or a portion of the shares at a redemption price of US$25,000 per Preference Share, equivalent to US$25 per Depositary Share, on or after November 30, 2029. In addition, Aspen may redeem shares prior to November 30, 2029 in certain other circumstances at applicable redemption prices. 

The Depositary Shares will be listed on the New York Stock Exchange under the symbol “AHLPRF.”

The offering was led by Wells Fargo Securities, BofA Securities, Inc. and Morgan Stanley as joint book-running managers.

Aspen, led by chief executive officer Mark Cloutier, has paused plans announced earlier this year  for an initial public offering of ordinary shares. 

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