Aspen Insurance settles mandatory conversion of perpetual Piers

By Marisa Wong

Madison, Wis., May 30 - Aspen Insurance Holdings Ltd. said it will be issuing a total of 1,835,860 ordinary shares upon full conversion of its 4.6 million of 5.625% perpetual preferred income equity replacement securities.

For each $50 liquidation preference of perpetual Piers, Aspen will pay $50 in cash and about 0.3991 ordinary shares.

The ordinary share portion of the consideration was determined using the conversion rate of 1.7121 shares and the closing prices of Aspen stock on each of the 20 trading days from April 29 through May 24, inclusive, according to an 8-K filing with the Securities and Exchange Commission.

Aspen announced on April 25 that it was mandatorily converting its perpetual Piers. Settlement was slated for Thursday.

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

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