Aspen Insurance lowers conversion price on 5.625% perpetual Piers

By Marisa Wong

Madison, Wis., April 4 - Aspen Insurance Holdings Ltd. said it adjusted the conversion rate on its 5.625% perpetual preferred income equity replacement securities to 1.7121 shares of Aspen's ordinary stock per $50 liquidation preference of perpetual Piers.

The adjusted conversion rate is equivalent to an adjusted conversion price of $29.20 per share.

The original conversion rate was 1.7077 shares per $50 liquidation preference, equivalent to an original conversion price of $29.28.

The adjustment resulted from dividends payable on May 25, 2012, Aug. 28, 2012, Nov. 26 and March 7, according to a company press release.

Aspen is an insurance and reinsurance company based in Hamilton, Bermuda.

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