Endurance Specialty’s 6.35% noncumulative preferreds list on NYSE

By Stephanie N. Rotondo

Seattle, Nov. 25 – Endurance Specialty Holdings Ltd.’s $200 million of 6.35% series C noncumulative perpetual preferred shares listed on the New York Stock Exchange on Wednesday.

The ticker symbol is “ENHPC.” The deal priced Nov. 17.

Price talk was around 6.5%. The preferreds were issued as depositary shares representing a 1/1,000th interest.

Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint bookrunners.

Dividends will be payable on the 15th day of March, June, September and December, beginning March 15, 2016.

The preferreds become redeemable Dec. 15, 2020 at par plus accrued dividends. The preferreds can be redeemed prior to that date upon a capital disqualification or tax event at $26.00 per share plus accrued dividends.

Proceeds will be used with cash on hand to redeem all outstanding 7.75% series A noncumulative preferreds (NYSE: ENHPA), which become redeemable Dec. 15. Remaining proceeds will be used for general corporate purposes, which may include ordinary share and debt repurchases and to support underwriting activities.

Endurance Specialty in a Pembroke, Bermuda-based specialty insurance provider.

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