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.
AmTrust Announces Pricing Of A $115 Million 6.75% Non-Cumulative Preferred Stock Offering
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