HAMILTON, Bermuda, Nov. 25, 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 closed its 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 offering was priced on November 18, 2013.
Total net proceeds from the offering were approximately $147.4 million, after deducting the underwriting discount and estimated offering expenses payable by Maiden NA and the Company. As previously announced, the net proceeds will be used to redeem Maiden NA's outstanding 14% coupon trust preferred securities ("TRUPs"). Maiden NA has begun the process of notifying all TRUPs holders of the upcoming redemption on January 15, 2014.
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||Morgan Stanley & Co. LLC|
|Incorporated||180 Varick Street|
|Attention: Prospectus Department||New York, New York 10014|
|222 Broadway||Attention: Prospectus Department|
|New York, New York 10038||e-mail: email@example.com|
|Wells Fargo Securities, LLC||Goldman, Sachs & Co.|
|608 South 2nd 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|