Validus Holdings Ltd. repurchased $45.7 million principal amount of its Junior Subordinated Deferrable Interest Debentures.

The company announced yesterday it repurchased them from an unaffiliated financial institution in a privately negotiated transaction.

The Junior Subordinated Deferrable Interest Debentures (JSDs) have a fixed rate of interest equal to 8.48 percent per annum through June 15, 2012 and thereafter at a floating interest rate equal of three month LIBOR plus 2.95 percent per annum, reset quarterly. The JSDs mature on June 15, 2037.