Aspen prices public offering
Aspen Insurance Holdings has priced an underwritten public offering of 10,000,000 depositary shares, each of which represents a 1/1000th interest in a share of the Company’s newly designated 5.625 percent perpetual non-cumulative preference shares.
According to the company the preference shares have a liquidation preference of $25,000 per Preference Share, equivalent to $25 per depositary share (or $250 million in aggregate liquidation preference).
The offering was made pursuant to an effective shelf registration statement and is expected to close on August 13, 2019, subject to the satisfaction of customary closing conditions. Aspen intends to use the net proceeds from the offering to redeem all of Aspen’s outstanding 6.00 percent senior notes due 2020 and for general corporate purposes.
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 $25,000 per preference share, equivalent to $25 per depositary share, on or after October 1, 2024. In addition, Aspen may redeem shares prior to October 1, 2024 in certain other circumstances at applicable redemption prices.