1 November 2016News

AXIS Capital prices $550m share offering

AXIS Capital Holdings (AXIS Capital) has priced an offering of 22 million depositary shares, each representing a 1/100th ownership interest in a share of its 5.5 percent series E preferred shares, or $550 million in aggregate liquidation preference.

The company Capital has also granted the underwriters a 30-day option to purchase up to two million additional depositary shares.

The offering was made pursuant to an effective shelf registration statement and is expected to close on November 7, 2016.

AXIS Capital said that it intends to use the net proceeds from the offering to redeem or repurchase all of its outstanding 6.875 percent series C preferred shares, par value $0.0125 per share and a liquidation preference of $25 per share, equivalent to $400 million in aggregate liquidation preference, which are redeemable at AXIS Capital’s option at a price of $25 per share, plus declared and unpaid dividends, if any.

Alternatively, AXIS Capital said that it might repurchase all or a portion of the outstanding Series C preferred shares through privately negotiated purchases, open market transactions or otherwise. AXIS Capital intends to use any remaining net proceeds for general corporate purposes, which may include the repurchase of a portion of its outstanding common shares pursuant to its previously authorised share repurchase program.




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5 December 2023   The veteran re/insurer’s appointment is part of a multi-year succession plan strategy.
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