RAM Holdings, subsidiary wrap tender offers for two preferred series

By Susanna Moon

Chicago, March 15 - RAM Holdings Ltd. holders tendered 15,300 shares, or 20.4%, of their non-cumulative preference shares, series A, and 68 shares, or 13.6%, of subsidiary RAM Reinsurance Co. Ltd.'s class B preference shares.

Following the settlement of the offers, about 59,700 series A preferreds remain outstanding and about 432.01 class B preferreds remain outstanding.

The tender offer for the series A preferreds expired at 11:59 p.m. ET on March 12 while the offer for the class B preferreds expired at 11:59 p.m. ET on March 5. The offers began on Feb. 1.

RAM Holdings previously said it would pay $250 for each $1,000 liquidation preference of series A preference shares. The price was to include an early tender premium of $50.00 for each preference share tendered by 5 p.m. ET on Feb. 11, the early tender deadline.

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

The companies also solicited proxies and consents from holders, who were to consider the proposed amendments at meetings in Hamilton, Bermuda.

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

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