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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 20, 2015 01:42 PM (EST)
A.M. Best has assigned an issue rating of “bb” to the recently announced $150 million 7.125% Non-Cumulative Preference Shares, Series C, of Maiden Holdings, Ltd. (Maiden) (Hamilton, Bermuda) [NASDAQ: MHLD]. The outlook assigned to the rating is positive.
The offering may be extended under a 30-day underwriters’ option to include an additional $15 million of Preference Shares should they be required to cover over-allotments. At Maiden’s option, the shares may be redeemed on or after Dec. 15, 2020, upon payment of a redemption price of $25.00, plus unpaid accumulated declared dividends.
The net proceeds from the sale are expected to be used for continued support of Maiden’s reinsurance business and for other general corporate purposes, which may include the repayment of outstanding indebtedness, including 8.25% senior notes due 2041issued by Maiden Holdings North America, Ltd. and guaranteed by Maiden.
This press release relates to rating(s) that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best’s Ratings & Criteria Center.
A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source.