Aspen Prices Public Offering of $275 Million of Perpetual Non-Cumulative
HAMILTON, Bermuda -- April 25, 2013
Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) has priced an
underwritten public offering of 11,000,000 shares of 5.95% Fixed-to-Floating
Rate Perpetual Non-Cumulative Preference Shares (the “Preference Shares”). The
Preference Shares have a liquidation preference of $25 per share (or
$275,000,000 in aggregate liquidation preference).
The offering was made pursuant to an effective shelf registration statement
and is expected to close on May 2, 2013, subject to customary closing
conditions. Aspen intends to use the net proceeds from the offering for
settling the cash portion of the mandatory conversion of its 5.625% Perpetual
PIERS and the remainder for general corporate purposes, including supporting
its insurance and reinsurance activities through its operating subsidiaries.
The Preference Shares rank equally with preference shares previously issued by
Aspen, and have no fixed maturity date. Aspen may redeem all or a portion of
the shares at a redemption price of $25 per share on or after July 1, 2023 and
in certain other circumstances. Aspen intends to list the Preference Shares on
the New York Stock Exchange under the symbol “AHLPRC”.
The offering was led by Barclays Capital Inc., Citigroup Global Markets Inc.
and Goldman, Sachs & Co. as joint book-running managers.
This offering may be made only by means of a preliminary prospectus supplement
and accompanying prospectus. Copies of the preliminary prospectus supplement
and the final prospectus may be obtained, when available, from the U.S.
Securities and Exchange Commission's website at www.sec.gov. Alternatively,
these documents are available from the underwriters by contacting any of the
Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island
Edgewood, NY 11717, telephone (888) 603-5847 or email
Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th
NY 11220, Attention: Prospectus Department, telephone (877) 858-5407 or
Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York,
NY 10282, telephone: 866-471-2526, facsimile: 212-902-9316, e-mail:
This press release shall not constitute an offer to sell or a solicitation of
an offer to buy the Preference Shares, nor shall there be any sale of the
Preference Shares in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various
domestic and global markets through wholly-owned subsidiaries and offices in
Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom
and the United States. For the year ended December 31, 2012, Aspen reported
$10.3 billion in total assets, $4.8 billion in gross reserves, $3.5 billion in
total shareholders’ equity and $2.6 billion in gross written premiums. Its
operating subsidiaries have been assigned a rating of “A” (“Strong”) by
Standard & Poor’s, an “A” (“Excellent”) by A.M. Best and an “A2” (“Good”) by
Moody’s Investors Service.
Application of the Safe Harbor of the Private Securities Litigation Reform Act
This press release may contain written “forward-looking statements” within the
meaning of the U.S. federal securities laws. These statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all statements that do
not relate solely to historical or current facts, and can be identified by the
use of words such as “expect,” “intend,” “plan,” “believe,” “project,”
“anticipate,” “seek,” “will,” “estimate,” “may,” “continue,” and similar
expressions of a future or forward-looking nature.
All forward-looking statements rely on a number of assumptions, estimates and
data concerning future results and events and are subject to a number of
uncertainties and other factors, many of which are outside Aspen’s control
that could cause actual results to differ materially from such statements,
including changes in market conditions and their impact on our business, as
well as factors such as the availability of financing to fund the cash portion
of the settlement of the mandatory conversion of the Perpetual PIERS on
favorable terms and the possibility, if Aspen cannot obtain adequate
replacement capital on favorable terms, or at all, that its financial
condition and operating results could be adversely affected. For a more
detailed description of uncertainties and other factors that could impact the
forward-looking statements in this press release, please see the “Risk
Factors” section in Aspen’s Annual Report on Form 10-K for the year ended
December 31, 2012, filed with the U.S. Securities and Exchange Commission on
February 26, 2013. Aspen undertakes no obligation to update or revise publicly
any forward-looking statements, whether as a result of new information, future
events or otherwise.
For further information
Please visit www.aspen.co or contact:
Kerry Calaiaro, +1-646-502-1076
Senior Vice President, Investor Relations
Steve Colton, +44 20 7184 8337
Head of Communications
International – Citigate Dewe Rogerson
Caroline Merrell or Jos Bieneman
+44 20 7638 9571
North America – Abernathy MacGregor
Allyson Vento, +1-212-371-5999
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