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Maiden Holdings sells upsized $110 million 6.625% $25-par notes; Validus issue frees up
By Stephanie N. Rotondo
Seattle, June 7 – The new issues just kept coming to the preferred stock market on Tuesday.
Maiden Holdings Ltd. brought $110 million of 6.625% $25-par notes due 2046. The deal came upsized from $75 million and was tight to the 6.75% price talk.
BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC ran the books.
Post-pricing, a market source saw the issue at $24.77 bid, no offer.
In its prospectus, the Bermuda-based reinsurance company said that proceeds could be used to pay off outstanding debt, including the 8.25% $25-par senior notes due 2041 linked to Maiden Holdings North America Ltd. (NYSE: MHNA). That $107.5 million issue is being called on June 15 at par plus accrued interest.
The 8.25% notes traded at $24.98 on Monday.
Meanwhile, Validus Holdings Ltd. – another Bermuda-based reinsurance company – saw its $150 million of 5.875% series A noncumulative preference shares free to trade, according to a trader.
The trader quoted the issue at $24.95 bid, par offered early in the day. However, another source saw the preference shares closing at $24.85.
The deal priced Monday via BofA Merrill Lynch, Morgan Stanley and UBS Securities LLC.
Secondary softens
Overall, the secondary market was again on the weaker side, with the Wells Fargo Hybrid and Preferred Securities index sliding down 15 basis points by the bell.
One name bucking the trend was Huntington Bancshares Inc. Its 6.25% series D noncumulative perpetual preferreds (Nasdaq: HBANO) were trading actively for the second day in a row, though there was no fresh news to explain the surge in activity, or price.
The paper ended at $26.27, up 4 cents. Nearly 709,000 shares were exchanged.
Huntington is a Columbus, Ohio-based bank.
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