Trenwick Group Ltd., which specializes in insurance and reinsurance, filed a plan with the Securities and Exchange Commission to occasionally sell up to $400 million in common and preferred stock, depositary shares, warrants and contracts.
According to a Reuters report, Trenwick is planning to put the net proceeds toward working capital, capital expenditures, repurchases of outstanding securities, along with other general corporate purposes, it added during the shelf registration filing proceedings. As part of the process, a trio of the Hamilton, Bermuda-based company’s business trusts also plan to offer preferred securities.
According to the rules when filing, a company is allowed to sell securities during some periods in one or more separate offerings in amounts, at prices and agreeing to terms set at the time of the sale.
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