Maiden sells $100m of 30-year debt
Updated: Mar 28, 2012 09:24 AM
Bermuda insurer Maiden Holdings Ltd yesterday announced that its US holding company sold $100 million of 30-year notes carrying an eight percent token.
The senior notes are due March 27, 2042, and are fully and unconditionally guaranteed by Maiden. The offering was priced on March 20.
Total net proceeds from the offering were approximately $96.6 million, after deducting the underwriting discount and estimated offering expenses payable by Maiden NA and the Company.
As previously announced, the net proceeds from this offering will be used for general corporate purposes, which may include repurchasing the company’s outstanding 14 percent 30-year trust preferred securities (TRUPS) issued in January 2009 or for working capital.
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Published March 28, 2012 at 2:00 am (Updated March 28, 2012 at 9:24 am)
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