Validus Holdings eyes sale of noncumulative preference shares

By Stephanie N. Rotondo

Seattle, June 6 – Validus Holdings Ltd. is offering depositary shares representing a 1/1,000th interest in a share of series A noncumulative preference stock, according to a prospectus filed with the Securities and Exchange Commission on Monday.

BofA Merrill Lynch, Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunning managers.

When declared, dividends will be paid on a quarterly basis. The preference shares become redeemable in 2021 at par plus accrued dividends.

The company also has the option to redeem the issue in full upon a change of control or a tax event.

The company intends to list the new securities on the New York Stock Exchange under the ticker symbol “VRPPA.”

Proceeds will be used for general corporate purposes.

Validus is a Bermuda-based reinsurance and insurance company.

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