Bermuda-based Validus Holdings, Ltd. has successfully completed its initial public offering of 15,244,888 common shares at $22.00 per share. The offering resulted in net proceeds to the Company of approximately $314 million.
The IPO follows the closing of Validus’ acquisition of Talbot Holdings Ltd. from a group of institutional investors and Talbot employees and management (See IJ web site May 16, July 5). Talbot will be Validus’ principal operation in the direct insurance market and primary point of access to the London Market.
Validus said it would “use the proceeds to repay borrowings and to pay accrued interest under its unsecured credit facility, which the Company incurred to fund a portion of the cash purchase price of Talbot Holdings Ltd., as well as to make a capital contribution to Validus Reinsurance, Ltd.”
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