Maiden Holdings repurchases $152.5 million trust preferreds in full

By Tali Rackner

Minneapolis, Jan. 15 - Maiden Holdings, Ltd. redeemed all $152.5 million of its 14% trust preferred securities, according to a press release.

The company used the proceeds of its fourth-quarter issuance of 30-year 7¾% senior notes to redeem the trust preferreds.

As a result of the redemption, in the first quarter the company will incur an additional non-recurring non-cash charge of $26.1 million, which represents the accelerated amortization of original issue discount associated with the trust preferreds.

Maiden Holdings is a Hamilton, Bermuda-based reinsurance holding company.

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