HAMILTON, Bermuda--(BUSINESS WIRE)--
Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) has priced an
underwritten public offering of 11,000,000 shares of 5.95%
Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares (the
“Preference Shares”). The Preference Shares have a liquidation
preference of $25 per share (or $275,000,000 in aggregate liquidation
preference).
The offering was made pursuant to an effective shelf registration
statement and is expected to close on May 2, 2013, subject to customary
closing conditions. Aspen intends to use the net proceeds from the
offering for settling the cash portion of the mandatory conversion of
its 5.625% Perpetual PIERS and the remainder for general corporate
purposes, including supporting its insurance and reinsurance activities
through its operating subsidiaries.
The Preference Shares rank equally with preference shares previously
issued by Aspen, and have no fixed maturity date. Aspen may redeem all
or a portion of the shares at a redemption price of $25 per share on or
after July 1, 2023 and in certain other circumstances. Aspen intends to
list the Preference Shares on the New York Stock Exchange under the
symbol “AHLPRC”.
The offering was led by Barclays Capital Inc., Citigroup Global Markets
Inc. and Goldman, Sachs & Co. as joint book-running managers.
This offering may be made only by means of a preliminary prospectus
supplement and accompanying prospectus. Copies of the preliminary
prospectus supplement and the final prospectus may be obtained, when
available, from the U.S. Securities and Exchange Commission's website at www.sec.gov.
Alternatively, these documents are available from the underwriters by
contacting any of the following:
Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue,
Edgewood, NY 11717, telephone (888) 603-5847 or
email
Barclaysprospectus@broadridge.com
Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street,
8th Floor, Brooklyn,
NY 11220, Attention: Prospectus
Department, telephone (877) 858-5407 or email
batprospectusdept@citi.com
Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New
York,
NY 10282, telephone: 866-471-2526, facsimile:
212-902-9316, e-mail:
prospectus-ny@ny.email.gs.com
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the Preference Shares, nor shall there
be any sale of the Preference Shares in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various
domestic and global markets through wholly-owned subsidiaries and
offices in Bermuda, France, Germany, Ireland, Singapore, Switzerland,
the United Kingdom and the United States. For the year ended December
31, 2012, Aspen reported $10.3 billion in total assets, $4.8 billion in
gross reserves, $3.5 billion in total shareholders’ equity and $2.6
billion in gross written premiums. Its operating subsidiaries have been
assigned a rating of “A” (“Strong”) by Standard & Poor’s, an “A”
(“Excellent”) by A.M. Best and an “A2” (“Good”) by Moody’s Investors
Service.
Application of the Safe Harbor of the Private Securities Litigation
Reform Act of 1995
This press release may contain written “forward-looking statements”
within the meaning of the U.S. federal securities laws. These statements
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
include all statements that do not relate solely to historical or
current facts, and can be identified by the use of words such as
“expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “seek,”
“will,” “estimate,” “may,” “continue,” and similar expressions of a
future or forward-looking nature.
All forward-looking statements rely on a number of assumptions,
estimates and data concerning future results and events and are subject
to a number of uncertainties and other factors, many of which are
outside Aspen’s control that could cause actual results to differ
materially from such statements, including changes in market conditions
and their impact on our business, as well as factors such as the
availability of financing to fund the cash portion of the settlement of
the mandatory conversion of the Perpetual PIERS on favorable terms and
the possibility, if Aspen cannot obtain adequate replacement capital on
favorable terms, or at all, that its financial condition and operating
results could be adversely affected. For a more detailed description of
uncertainties and other factors that could impact the forward-looking
statements in this press release, please see the “Risk Factors” section
in Aspen’s Annual Report on Form 10-K for the year ended December 31,
2012, filed with the U.S. Securities and Exchange Commission on February
26, 2013. Aspen undertakes no obligation to update or revise publicly
any forward-looking statements, whether as a result of new information,
future events or otherwise.
For further information
Please visit www.aspen.co
or contact:
Investors
Aspen
Kerry Calaiaro,
+1-646-502-1076
Senior Vice President, Investor Relations
Kerry.Calaiaro@aspen.co
or
Media
Aspen
Steve
Colton, +44 20 7184 8337
Head of Communications
Steve.Colton@aspen.co
or
International
– Citigate Dewe Rogerson
Caroline Merrell or Jos Bieneman
+44
20 7638 9571
caroline.merrell@citigatedr.co.uk
jos.bieneman@citigatedr.co.uk
or
North
America – Abernathy MacGregor
Allyson Vento, +1-212-371-5999
amv@abmac.com
Source: Aspen Insurance Holdings Limited