Quanta to buy back remaining 10¼% preferred shares after tender offer

By Laura Lutz

Des Moines, Aug. 22 - Quanta Capital Holdings Ltd. exercised its right to repurchase all of the remaining 10¼% series A perpetual preferred shares that were not bought back in its recently completed tender offer.

The company said it will pay $22.50 for each preferred share. The buyback is set to close on Sept. 24.

Quanta said in a news release that the law in Bermuda, where it is based, gives the company the right to purchase the remaining shares because more than 90% of the shares were tendered in the earlier offer.

More than 96% of the previously outstanding shares were tendered in the offer.

The tender offer was conducted through Quanta's wholly owned subsidiary, QCH Acquisition Ltd. It began on July 12 and expired on Aug. 10.

The company originally sold $75 million of the preferred shares on Dec. 15, 2005. The company issued a total of $78.26 million of the securities after the underwriter purchased an additional 130,525 shares at the offering price of $25.00 per share.

Quanta is a Hamilton, Bermuda-based provider of property and casualty insurance, reinsurance, risk assessment and risk consulting services.

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