AmTrust Financial Services offering noncumulative preferred stock; price talk 7.75%-7.875%

By Stephanie N. Rotondo

Seattle, March 8 – AmTrust Financial Services Inc. intends to sell a minimum of $75 million of series E noncumulative perpetual preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Tuesday.

Price talk is 7.75% to 7.875%, according to a market source.

Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners. Keefe Bruyette & Woods Inc. is joint lead manager.

RBC Capital Markets LLC, William Blair & Co., JMP Securities LLC and Compass Point are the co-managers.

Dividends will be payable on the 15th day of March, June, September and December, beginning June 15. The preferreds become redeemable in March 2021 at par plus accrued dividends.

The New York-based financial services provider plans to list the new securities on the New York Stock Exchange under the ticker symbol “AFSIPE.”

Proceeds will be used for general corporate purposes, which may include working capital, capital expenditures or strategic acquisitions.

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