Aspen Prices IPO at $22.50 per Share

December 4, 2003

Aspen Insurance Holdings Limited announced that the initial public offering of 10,524,000 of its ordinary shares was priced at $22.50 per share.

The number of shares and the initial price were higher than originally planned. Aspen had initially said it would sell 9.5 million ordinary shares at an estimated price between $20 and $22 per share.

The company also said the underwriters have an option to purchase up to an additional 1,578,600 shares to cover over-allotments. “All of the proceeds of the offering, after deducting the underwriting discounts and commissions and the offering expenses, will go to Aspen. The shares are expected to begin trading on the New York Stock Exchange on December 4, 2003 under the symbol ‘AHL’,” said the bulletin.

Aspen said it plans to use the approximately $212 million in net proceeds from the offering “to provide initial or additional capital to its subsidiaries, to repay a portion of the short-term debt under its revolving credit facilities and for other general corporate purposes.”

It also indicated that “A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission and was declared effective on December 3, 2003.”

Credit Suisse First Boston and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. A copy of the prospectus relating to the offering may be obtained at or from Credit Suisse First Boston at Prospectus Department, 11 Madison Avenue, New York, N.Y. 10010, or by phone at (212) 325-2580 and Goldman, Sachs & Co. at Prospectus Department, 85 Broad Street, New York, N.Y. 10004, or by phone at 1 (212) 902-1171.

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