Bermuda-based Endurance Specialty Holdings Ltd. confirmed its plans to sell 9.6 million common shares in an initial public offering for $25 to $27 each, which would raise $240 million to $259 million. The Bermuda-based firm plans to use the net proceeds - estimated at about $229 million - to provide additional capital to subsidiaries, to repay a portion of the outstanding debt under credit facilities, and for other general corporate purposes.

Endurance disclosed the IPO terms for the first time in a filing with the US Securities and Exchange Commission yesterday. It initially filed its IPO plans in December.

Reuters reported that there will be 64.6 million shares outstanding when the stock offering is completed, giving Endurance an approximate market value of $1.6 billion to $1.7 billion based on the price range. The company is expected to debut late this month or early March on the New York Stock Exchange under the symbol "ENH". The initial public stock deal will be handled by Goldman Sachs, Merrill Lynch, J.P. Morgan, Credit Suisse First Boston and Deutsche Bank.

The underwriters have an option to buy 1.44 million extra shares in case of heavy investor demand. From the beginning of 2003 through February 7, Endurance has bound more than $300 million in gross premiums written across all business segments.

In the first quarter ended March 31, 2002, it reported $130.9 million in gross premiums written, according to the SEC filing.

On the net:

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