RAM, subsidiary add withdrawal rights in tender offers for preferreds

By Jennifer Chiou

New York, Feb. 18 - RAM Holdings Ltd. announced that in the previously announced tender offer for its non-cumulative preference shares, series A, and subsidiary RAM Reinsurance Co. Ltd.'s concurrent tender offer for its class B preference shares, both companies have added withdrawal rights.

The companies added that other terms are unchanged from when the offers were announced on Feb. 1.

Holders have until 5 p.m. ET on Feb. 24 to withdraw any tenders.

RAM Holdings is offering $250 for each $1,000 liquidation preference of series A preference shares. This price includes an early tender premium of $50 for each preference share tendered by 5 p.m. ET on Feb. 11, the early tender deadline.

RAM Reinsurance is offering $25,000 for each $100,000 liquidation preference of class B preference shares. This price includes an early tender premium of $5,000 for each preference share tendered by the early tender deadline.

The companies are also soliciting proxies and consents from holders, who will consider the proposed amendments at meetings to be held on Feb. 11 in Hamilton, Bermuda. RAM Holdings' meeting will begin at 6 p.m. ET, and RAM Reinsurance's meeting will begin at 6:30 p.m. ET.

Holders may not tender their preference shares without voting for and consenting to the applicable proposed amendments.

The tender offers will expire at 11:59 p.m. ET on Feb. 26.

Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955) is the dealer manager, and D.F. King & Co., Inc. (212 269-5550 for banks and brokers, others call 800 347-4750) is the tender agent and information agent.

RAM is a Hamilton, Bermuda-based holding company, and RAM Reinsurance provides financial guaranty reinsurance for public finance and structured finance transactions.

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