Maiden’s 7.125% noncumulative preference shares trading on NYSE

By Stephanie N. Rotondo

Seattle, Nov. 30 – Maiden Holdings Ltd.’s $150 million of 7.125% series C noncumulative perpetual preference shares listed on the New York Stock Exchange on Friday, according to a market source.

The ticker symbol is “MHPC.” The deal priced Nov. 18.

Price talk was in the 7.25% area.

Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities LLC were the joint bookrunning managers. Keefe Bruyette & Woods Inc. was senior lead manager, and FBR Capital Markets & Co., JMP Securities LLC and Compass Point Research & Trading LLC acted as co-managers.

When declared, dividends will be paid on the 15th day of March, June, September and December, beginning March 15, 2016. The shares become redeemable on or after Dec. 15, 2020 at par plus accrued dividends.

The shares can also be redeemed upon a tax event.

The Hamilton, Bermuda-based reinsurance company will use the proceeds for continued support and development of its business and for other general corporate purposes, including acquisitions, working capital and to repay outstanding debt, including the $107.5 million of outstanding 8.25% senior notes due 2041.

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