Maiden Holdings’ $110 million 6.625% $25-par notes begin NYSE trading

By Stephanie N. Rotondo

Seattle, June 15 – Maiden Holdings Ltd.’s $110 million offering of 6.625% $25-par notes due June 14, 2046 listed on the New York Stock Exchange on Wednesday, according to a market source.

The ticker symbol is “MHLA.”

The deal priced on June 7.

BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint bookrunning managers.

Interest will be paid quarterly.

The notes become redeemable on or after June 14, 2021 at par plus accrued interest.

Additionally, the company can opt to redeem the issue in whole upon the occurrence of a tax event.

Proceeds will be used for continuing support and development of Maiden’s reinsurance business and for general corporate purposes, which may include repaying outstanding debt – particularly Maiden Holdings North America Ltd.’s $107.5 million of 8.25% senior notes due 2041.

Maiden Holdings is a Hamilton, Bermuda-based reinsurance company.

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