By Rebecca Melvin
Princeton, N.J., Dec. 7 - Aspen Insurance Holdings Ltd. priced $200 million of convertibles at par of $50 to yield 5.625% with an initial conversion premium of 22%, according to a syndicate source.
The perpetual Preferred Income Equity Replacement Securities priced at the cheap end of talk, which was for a dividend of 5.125% to 5.625% and an initial conversion premium of 22% to 27%.
The perpetual PIERS were sold via bookrunner Lehman Brothers and included an option to purchase an additional $30 million to cover over allotments.
Concurrently with the preferreds, Aspen offered about $200 million of common shares, while shareholder Wellington Underwriting plc agreed to sell 6 million common shares.
Aspen will use proceeds from both offerings to make contributions to the capital and surplus of its operating subsidiaries and for general corporate purposes.
Hamilton, Bermuda-based Aspen Insurance is an insurance and reinsurance company.
| Issuer: | Aspen Insurance Holdings Ltd.
|
| Issue: | Perpetual Preferred Income Equity Replacement Securities
|
| Bookrunner: | Lehman Brothers
|
| Amount: | $200 million
|
| Greenshoe: | $30 million
|
| Maturity: | Perpetual
|
| Dividend: | 5.625%
|
| Price: | Par, $50
|
| Yield: | 5.625%
|
| Conversion premium: | 22%
|
| Conversion price: | $29.28
|
| Conversion ratio: | 1.7077
|
| Call: | None
|
| Put: | None
|
| Price talk: | 5.125%-5.625%, up 22%-27%
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 12
|
| Distribution: | Registered
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
