Aspen Announces Mandatory Conversion of Perpetual PIERS
25 April 2013 - 10:24PM
Business Wire
Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) announced
that it is mandatorily converting its Perpetual PIERS (CUSIP
Number: BMG053841133) with effect today. Aspen will be converting
all of its 4,600,000 Perpetual PIERS. Each holder of a Perpetual
PIER will receive $50 in cash plus a number of ordinary shares as
determined during the Stock Settlement Averaging Period as the
Settlement Amount in accordance with the terms of the Perpetual
PIERS. The conversion rate is 1.7121 shares of Aspen’s ordinary
shares per $50 liquidation preference of the Perpetual PIERS. Aspen
expects to deliver the Settlement Amount on May 30, 2013. In
accordance with the terms of the Perpetual PIERS, no further
dividends will be paid on the Perpetual PIERS as a result of such
Mandatory Conversion.
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 of 1995
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.
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