Axis Completes $250 Million Preferred Stock Offering

Bermuda-based AXIS Capital Holdings Limited announced that it has agreed to sell $250 million of 7.25 percent Series A Preferred Shares with a liquidation preference of $25.00 per share.

The Company said it “has applied for approval to list the Series A Preferred Shares on the New York Stock Exchange under the symbol “AXSPRA.” AXIS may redeem the shares on and after October 15, 2010 at a redemption price of $25.00 per share. The shares are rated “Baa3″ by Moody’s Investors Service and “BBB-” by Standard & Poor’s.

The shares are being offered under a shelf registration statement filed with the U.S. Securities and Exchange Commission on August 6, 2004.

AXIS said it “intends to use the net proceeds of the offering for general corporate purposes.”