AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE: AXS) today announced that it has priced an offering of 16,000,000 shares of 6.875% Series C Preferred Shares, par value $0.0125 per share and a liquidation preference of $25.00 per share (or $400,000,000 in aggregate liquidation preference). The offering was made pursuant to an effective shelf registration statement and is expected to close on March 19, 2012, subject to customary closing conditions.
Dividends on the 6.875% Series C Preferred Shares will be payable on a non-cumulative basis only when, as and if declared by our board of directors at a rate equal to 6.875% of the liquidation preference per annum (equivalent to $1.71875 per share).
AXIS Capital has applied to list the 6.875% Series C Preferred Shares on the New York Stock Exchange under the symbol “AXSprC.”
AXIS Capital intends to use the net proceeds from the offering and cash on hand to repurchase any and all of its outstanding 7.50% Series B Preferred Shares pursuant to its previously announced tender offer and to redeem a portion of its outstanding Series A Preferred Shares following consummation of the offering.In no event will the information contained in this press release regarding the 6.875% Series C Preferred Shares constitute an offer to sell or a solicitation of an offer to buy any 6.875% Series C Preferred Shares or any other securities of AXIS Capital, nor shall there be any sale of the 6.875% Series C Preferred Shares in any jurisdiction in which the offer or sale is not permitted. This offering may be made only by means of the preliminary prospectus. You may obtain a copy of the preliminary prospectus and the final prospectus, when available, from the SEC website at www.sec.gov. Alternatively, the underwriter will arrange to send you these documents if you request them by contacting Wells Fargo Securities, LLC at 1525 West W.T. Harris Boulevard, NC0675, Charlotte, NC 28262, Attention: Syndicate Operations, by calling toll-free: (800) 326-5897 or by emailing: email@example.com, Attention: Syndicate Operations. The previously announced tender offer is being made pursuant to the Offer to Purchase dated March 12, 2012 and the related Letter of Transmittal. Under no circumstances shall this press release constitute an offer to buy or the solicitation of an offer to sell AXIS Capital’s 7.50% Series B Preferred Shares.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV