By Paul A. Harris
St. Louis, Dec. 15 - Quanta Capital Holdings Ltd. priced a $75 million issue of series A perpetual preferred shares at a liquidation preference of $25 at par to pay 10¼% on Wednesday, according to a syndicate source.
Price talk was 10% plus.
Friedman Billings Ramsey ran the books for the public offering. BB&T Capital Markets was co-manager.
The shares, which come with five years of call protection, will be listed on the Nasdaq National Market.
The underwriters have a 30-day greenshoe to purchase up to 450,000 additional shares.
The Hamilton, Bermuda-based provider of insurance and reinsurance products also raised approximately $54 million with a sale of common shares.
Proceeds will be used to maintain the company's rating of A- from AM Best.
| Issuer: | Quanta Capital Holdings Ltd.
|
| Amount: | $75 million
|
| Maturity: | Perpetual
|
| Issue: | Series A preferred shares
|
| Shares: | 3 million
|
| Liquidation preference: | $25 at par
|
| Coupon: | 10¼%
|
| Bookrunner: | Friedman Billings Ramsey
|
| Co-manager: | BB&T Capital Markets
|
| Call protection | Callable after Dec. 15, 2010 at 112.0
|
| Trade date: | Dec. 14
|
| Settlement date: | Dec. 20
|
| Distribution: | Public
|
| Listing: | New York Stock Exchange
|
| Rating: | Non-rated
|
| Price talk: | 10% plus
|
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