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Maiden Holdings prices noncumulative preference shares offering

Maiden Holdings Ltd. priced an underwritten public offering of $150 million of its 6.700% noncumulative preference shares, series D.

The preference shares have a liquidation preference of $25 per share and are not redeemable before June 15, 2022, except in certain limited events.

Maiden Holdings expects to receive the offering's net proceeds June 15. The company will use the net proceeds to repay its outstanding $100 million aggregate principal amount of 8.00% notes due 2042, to support and develop its reinsurance business and for other general corporate purposes.

The company plans to apply to list the preference shares for trading on the New York Stock Exchange under the symbol MHPRD.

Bank of America Merrill Lynch, Morgan Stanley and UBS Investment Bank are the joint book-running managers for the offering. FBR Capital Markets & Co., JMP Securities and Compass Point are the co-managers.