Validus and Validus Re to redeem shares
American International Group (AIG), has announced that its subsidiaries Validus Holdings and Validus Reinsurance are to redeem a number of their outstanding notes.
Validus Holdings will redeem all of Validus’ outstanding 5.875 percent non-cumulative preference shares, Series A and 5.800 percent non-cumulative preference shares, Series B. There are currently 6,000 issued and outstanding Series A preference shares and 10,000 issued and outstanding Series B preference shares.
The preference shares will be redeemed on October 30, 2018 at a redemption price of $26,000 per preference share, plus all declared and unpaid dividends, if any, up to, but excluding, the redemption date.
AIG also said that Validus Reinsurance is to redeem its outstanding floating rate deferrable interest junior subordinated notes due July 30, 2037 issued pursuant to the junior subordinated indenture dated as of June 8, 2007, as supplemented from time to time, between Validus Reinsurance, as issuer, and Wilmington Trust Company, as trustee.
AIG declared that these junior Notes will be redeemed on October 30, 2018 at a redemption price of 100 percent of the principal amount of each junior note outstanding, plus accrued and unpaid interest thereon, up to, but excluding, the redemption date.
