HAMILTON, Bermuda, Nov. 18, 2013 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. (Nasdaq:MHLD) ("Maiden" or "the Company") today announced that its wholly owned U.S. holding company, Maiden Holdings North America, Ltd. ("Maiden NA"), has priced the offering of $152.5 million aggregate principal amount of 7.75% Senior Notes due December 1, 2043 (the "Notes"), which are fully and unconditionally guaranteed by Maiden. The Notes are redeemable for cash, in whole or in part, on or after December 1, 2018, at 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to but excluding the redemption date.
Maiden NA intends to apply to list the Notes on the New York Stock Exchange and expects trading in the Notes to begin on the New York Stock Exchange within 30 days after issuance. The offering is expected to close on November 25, 2013, subject to customary closing conditions.
The net proceeds will be used to repurchase Maiden NA's outstanding 14% coupon trust preferred securities ("TRUPS") on January 15, 2014, when outstanding TRUPS are redeemable without the call premium.The Notes are being offered under an effective shelf registration statement previously filed with the Securities and Exchange Commission ("SEC"). This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offers of the securities will be made exclusively by means of a prospectus supplement and accompanying prospectus. Copies of the prospectus and the prospectus supplement relating to the offering may be obtained from the joint book-running managers of the offering:
|Merrill Lynch, Pierce, Fenner & Smith Incorporated||Morgan Stanley & Co. LLC|
|Attention: Prospectus Department||180 Varick Street|
|222 Broadway||New York, New York 10014|
|New York, New York 10038||Attention: Prospectus Department|
|email: firstname.lastname@example.org||e-mail: email@example.com|
|Wells Fargo Securities, LLC||Goldman, Sachs & Co.|
|608 South 2 nd Avenue||Prospectus Department|
|Minneapolis, MN 55402||200 West Street|
|Attention: Capital Markets Client Support||New York, NY 10282|
|Telephone: (800) 326-5897||telephone: (866) 471-2526|
|e-mail: firstname.lastname@example.org||facsimile: (212) 902-9316|