Validus repurchases $45.7 million in junior subordinated deferrable interest debentures

By Devika Patel

Knoxville, Tenn., April 29 - Validus Holdings, Ltd. said it bought back $45.7 million of its junior subordinated deferrable interest debentures.

The debentures have an 8.48% fixed interest rate through June 15, 2012. After that date, they have a floating interest rate equal to the three-month Libor plus 295 basis points, reset quarterly. The notes mature on June 15, 2037 and may be called at par at any time after June 15, 2012.

The debentures were bought back for $36.5 million plus unpaid interest of $500,000.

Based in Hamilton, Bermuda, Validus provides insurance coverage and reinsurance coverage in the property, marine and specialty lines markets.

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