Maiden announces results of three tender offers for $25-par preferreds

By Cady Vishniac

Detroit, Dec. 23 – Maiden Holdings, Ltd. announced the results of its cash tender offer through its indirect, wholly owned subsidiary Maiden Reinsurance Ltd. to purchase three series of $25-par preference shares, according to a news release.

As previously reported, the company announced amendments to the tender offers on Nov. 20., raising the aggregate purchase price to $103.95 million, or 3.3 million shares of each series of notes, from $100 million.

The company has received and accepted the following tenders:

• 545,218 shares, for $5,724,789 total consideration, tendered and accepted out of $150 million of 8.25% non-cumulative preference shares, series A (Cusip: G5753U120), with 5,454,782 shares left outstanding;

• 1,203,466 shares, for $12,636,293 total consideration, tendered and accepted out of $165 million of 7.125% non-cumulative preference shares, series C (Cusip: G5753U138), with 5,396,534 shares left outstanding; and

• 1,078,911 shares, for $11,328,565.50 total consideration, tendered and accepted out of $150 million of 6.7% non-cumulative preference shares, series D (Cusip: G5753U146), with 4,921,089 shares left outstanding.

The aggregate total consideration the company expects to pay is $29,689,747.50. The consideration for each series of preference shares tendered and accepted for purchase will equal $10.50 per $25-par security.

The offer price does not include dividends.

The purpose of the offer is to adjust Maiden’s capital structure to reflect its current operations and the amount of capital required to operate both Maiden and the company.

Maiden’s board of directors has not declared or paid dividends on the securities since the fourth quarter of 2018, and there can be no assurance that Maiden will declare and pay dividends on the securities in the future.

The offer expired at 11:59 p.m. ET on Dec. 22.

The settlement date is expected to be Dec. 24.

BofA Securities (980 387-3907, debt_advisory@bofa.com) is the dealer manager.

Global Bondholder Services Corp. (866 794-2200, 212 430-3774) is the tender and information agent.

The company is based in Hamilton, Bermuda.

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