Bermuda-based Quanta Capital Holdings Ltd. announced that it has purchased all of the outstanding floating rate capital securities of Quanta Capital Statutory Trust I and Quanta Capital Statutory Trust II for an aggregate purchase price of approximately $54.5 million.
“The Company originally issued and sold $60 million of these securities in private placements,” said the bulletin; “The floating rate capital securities were commonly referred to as pooled trust preferreds and constituted the only long-term indebtedness for borrowed money on the Company’s balance sheet.”
Quanta has been in run-off since 2006 (See IJ web site June 8, 2006 and related articles). The repurchase of the securities is part of the run-off plan. The Company continues to operate its Lloyd’s Syndicate 4000 and ESC’s environmental consulting business.
Source: Quanta Capital – http://www.quantaholdings.com
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