AXIS plans share redemption exercise in January

AXIS Capital Holdings will redeem 9 million of its 5.50 percent series D preferred shares par value $0.0125 per share, and liquidation preference $25.00 per share, on January 17, 2020.

These shares, which currently trade on the New York Stock Exchange, constitute all of its outstanding preferred shares, representing $225 million in aggregate liquidation preference of preferred shares. It will pay a redemption price equal to $25.00 per preferred share, as well as all declared and unpaid dividends owed up to the redemption date, without accumulation of any undeclared dividends.

AXIS will also pay a dividend of $0.17569 per series D 5.50 percent preferred share, payable on January 17, to shareholders of record at the close of business on January 2. This brings the total redemption price payable on January 17 to $25.17569 per preferred share.