Aspen to redeem preference shares

Aspen Insurance is to redeem $275 million worth of preference shares, the company has announced. 

The Bermuda-based re/insurer said it would redeem all 11 million of the outstanding 5.95% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares on January 1 for $25 per preference share.

Aspen will use the net proceeds from its previously announced offering of depositary shares, each representing a 1/1,000th interest in a share of its 7.00% Perpetual Non-Cumulative Preference Shares, which closed on November 26, 2024, as well as general corporate funds, to redeem the preference shares.

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