Bermuda-based Quanta Capital Holdings Ltd., which provides specialty insurance, specialty reinsurance, and risk assessment and consulting services through its subsidiaries, announced that the underwriters of its recent 10.25 percent series ‘A’ preferred share offering have exercised their over-allotment option and have purchased an additional 130,525 shares at the offering price of $25.00 per share, to solely cover over-allotments.
Quanta’s bulletin notes: “The 10.25 percent series ‘A’ preferred shares carry a liquidation preference of $25.00 per share. Including the over-allotment, a total of 3,130,525 10.25 percent series ‘A’ preferred shares were sold in the offering.
“Taken together with the company’s recent public offering of common shares, the company realized total net proceeds from both offerings of approximately $134.6 million. These proceeds increase the Company’s available rated capital and will be used for general corporate purposes.
“Friedman, Billings, Ramsey & Co., Inc. served as sole book-running lead manager and BB&T Capital Markets served as co-manager for the 10.25 percent series ‘A’ preferred shares offering, as well as the common shares offering.”
Topics Underwriting
Was this article valuable?
Here are more articles you may enjoy.
Florida Insurance Agency VP Sentenced to 3 Years in Massive ACA Fraud Scheme 
MAPFRE Accuses AAA of Violating Long-Time Exclusive Marketing Agreement 
AIG’s Zaffino to Step Down as CEO as Aon’s Andersen Steps In 
Private Equity Firms Expected to Unleash Middle-Market M&A Deals, Survey Says 
