AXIS Capital to redeem or repurchase all 6.875% series C preferreds

By Angela McDaniels

Tacoma, Wash., Oct. 31 – AXIS Capital Holdings Ltd. plans to redeem or repurchase all of its $400 million outstanding 6.875% series C preferreds, according to a company news release.

The preferreds are redeemable at AXIS Capital’s option at a price of $25.00 each plus declared dividends.

Alternatively, AXIS Capital may repurchase all or a portion of the preferreds through privately negotiated purchases, open-market transactions or otherwise.

The company will use the proceeds of $550 million of 5.5% series E non-cumulative preferreds, which priced Oct. 31.

Any remaining proceeds will be used for general corporate purposes, which may include the repurchase of common stock.

AXIS is a Pembroke, Bermuda-based holding company for specialty reinsurance.

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