AXIS to redeem all $100 million series A preferreds via new offering

By Tali David

Minneapolis, May 13 - AXIS Capital Holdings Ltd. plans to redeem all $100 million of its series A preferred shares with proceeds of a new preferreds offering, according to a 424B5 filed with the Securities and Exchange Commission.

The 4 million shares will be redeemed at $25 per share plus declared dividends.

Any remaining net proceeds will be used for general corporate purposes, which may include the repurchase of a portion of the company's outstanding common shares under a previously authorized share repurchase program. As of May 10, remaining authorization under the common share repurchase program approved by the board of directors was $634 million.

AXIS Capital is a Pembroke, Bermuda-based provider of specialty lines insurance and treaty reinsurance.

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