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Maiden amends offers to purchase three series of preference shares
By Taylor Fox
New York, Nov. 20 – Maiden Holdings, Ltd. amended its cash tender offer through its indirect, wholly owned subsidiary Maiden Reinsurance Ltd. to purchase three series of preference shares, according to a company announcement.
Maiden is now offering to purchase 3.3 million shares of each series of the outstanding securities.
If the offer is fully subscribed, Maiden will purchase the shares for a purchase amount of $103.95 million, up from the previous $100 million purchase cap.
As previously reported, the securities included in the offer are Maiden Holdings’
• $150 million 8.25% non-cumulative preference shares, series A (Cusip: G5753U120);
• $165 million 7.125% non-cumulative preference shares, series C (Cusip: G5753U138); and
• $150 million 6.7% non-cumulative preference shares, series D (Cusip: G5753U146).
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.
If the amount of preference shares validly tendered exceeds the maximum purchase amount, the securities will be subject to proration.
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 will expire 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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