Maiden Holdings, Ltd. Announces Closing Of Mandatory Convertible Preference Share Offering

HAMILTON, Bermuda, Oct. 1, 2013 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. ("Maiden" or "the Company") (Nasdaq:MHLD) today announced that it has closed its underwritten public offering of 3,000,000 7.25% Mandatory Convertible Preference Shares, Series B, with a liquidation value of $50.00 per preference share. In addition, the underwriters have exercised their over-allotment option to purchase 300,000 additional shares of Mandatory Convertible Preferred Shares. The Company expects the issuance of additional shares to settle on or about October 3, 2013, subject to customary closing conditions. The offering was made under the Company's existing shelf registration statement filed with the Securities and Exchange Commission ("SEC").

Total net proceeds from the offering will be approximately $159.5 million, after deducting the underwriting discount and estimated offering expenses payable by the Company, and after giving effect to the underwriters' exercise of the option to purchase 300,000 additional shares. As previously announced, Maiden intends to use the net proceeds from the offering for general corporate purposes, primarily to support the continuing growth of its reinsurance operations. Pending application of the net proceeds towards general corporate purposes, Maiden expects to invest the net proceeds from the offering in marketable fixed income securities and short term investments.

Goldman, Sachs & Co., Morgan Stanley & Co. LLC and BofA Merrill Lynch are the Joint Book-Running Managers for the offering along with Joint Lead Manager Wells Fargo Securities, LLC. and Co-Managers FBR Capital Markets & Co., Sterne, Agee & Leach, Inc. and JMP Securities LLC.

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:
Goldman, Sachs & Co. Morgan Stanley & Co. LLC
Prospectus Department 180 Varick Street
200 West Street New York, New York 10014
New York, NY 10282 Attention: Prospectus Department
telephone: (866) 471-2526  
facsimile: (212) 902-9316  
email: prospectus-ny@ny.email.gs.com  
   
BofA Merrill Lynch  
Attention: Prospectus Department  
222 Broadway  
New York, New York 10038   
email: dg.prospectus_requests@baml.com  

About Maiden Holdings, Ltd.

Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. Through its subsidiaries, which are each A- rated (excellent) by A.M. Best, Maiden is focused on providing non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the United States and Europe. As of June 30, 2013, Maiden had $4.4 billion in assets and shareholders' equity of $956.4 million.

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