NEW YORK, June 3, 2013 (GLOBE NEWSWIRE) -- AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the "Company") today announced that it has priced an underwritten public offering of 4.6 million shares of its 6.75% Non-Cumulative Preferred Stock, Series A (the "Preferred Stock") with a liquidation preference of $25.00 per share, or $115 million in aggregate liquidation preference. The Company expects the offering to close on June 10, 2013, subject to customary closing conditions. Dividends will be payable on the liquidation preference amount, on a non-cumulative basis, when and if declared by the board of directors of the company, at a rate of 6.75% per annum, quarterly in arrears, on March 15, June 15, September 15 and December 15 of each year, beginning on September 15, 2013, from and including the date of original issuance. The Preferred Stock is not redeemable prior to June 10, 2018. After that date, the Company may redeem at its option, in whole or in part, the Preferred Stock at a redemption price of $25.00 per share plus any declared and unpaid dividends for prior dividend periods and accrued but unpaid dividends (whether or not declared) for the then current dividend period. The Company intends to apply to list the Preferred Stock for trading on the New York Stock Exchange. The Company expects to use the net proceeds from the offering for general corporate purposes.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The Preferred Stock may be offered only by means of a Prospectus Supplement and accompanying base Prospectus. You may obtain a copy of the Prospectus Supplement and accompanying Prospectus from the SEC at www.sec.gov . Alternatively, the underwriters may arrange to send you these documents if you request them by contacting Morgan Stanley & Co. LLC, Attention Prospectus Department, 180 Varick Street, New York, NY 10014, or by email at firstname.lastname@example.org or from UBS Securities LLC, 299 Park Avenue, New York, NY 10171, Attention: Prospectus Specialist, (877) 827-6444, ext. 561 3884.
About AmTrust Financial Services, Inc.AmTrust Financial Services, Inc., headquartered in New York City, is a multinational insurance holding company, which, through its insurance carriers, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile and general liability; extended service and warranty coverage. For more information about AmTrust, call AmTrust toll-free at 866.203.3037.
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