Maiden Holdings offers $100 million noncumulative preference shares; price talk 6.75%

By Stephanie N. Rotondo

Seattle, June 8 – Maiden Holdings Ltd. is offering $100 million of series D noncumulative preference shares (expected ratings: BB), according to a 424B5 filing with the Securities and Exchange Commission and a market source.

Price talk is in the 6.75% area, the source said.

BofA Merrill Lynch, Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunners. FBR Capital Markets, JMP Securities LLC and Compass Point are the co-managers.

Dividends will be paid on a quarterly basis.

The issue becomes callable on June 15, 2022 at par plus accrued dividends. The issue may also be redeemed upon a tax or regulatory treatment event.

The new securities will be listed on the New York Stock Exchange.

Proceeds will be used to repay Maiden Holdings North America Ltd.’s 8% $25-par notes due 2042, for continued support and development of the reinsurance business and for other general corporate purposes.

The company is a Hamilton, Bermuda, holding company for insurance and reinsurance businesses.

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