Bermuda’s Aspen Insurance Holdings Limited announced that it has closed the sale of an additional 600,000 of its 5.625 percent Perpetual Preferred Income Equity Replacement Securities (Perpetual PIERS) with a liquidation preference of $50 per security, following the exercise in full of the over-allotment option held by the underwriter.
Aspen said: “The option was granted to the underwriter in connection with the offering of 4,000,000 Perpetual PIERS, which closed on December 12, 2005.
“Aspen expects to use the net proceeds of approximately $29 million to make contributions to the capital and surplus of its operating subsidiaries and for general corporate purposes.”
Lehman Brothers Inc. acted as the sole book-running manager for the Perpetual PIERS offering. The Perpetual PIERS were sold pursuant to Aspen’s effective shelf registration statement previously filed with the Securities and Exchange Commission.
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