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Arch Capital Group closes depositary shares offering

Arch Capital Group Ltd. has completed its previously announced public offering of 4 million depositary shares, each of which represented a 0.001 interest in a 5.45% noncumulative series F preferred share.

Merrill Lynch Pierce Fenner & Smith Inc. and Wells Fargo Securities LLC were the offering's joint book-running managers.

The company also said it plans to redeem all of its outstanding 6.75% series C noncumulative preferred shares on Jan. 2, 2018. The preferred shares will be redeemed for a purchase price of $25.00 each, or about $92.6 million in total, plus all declared and unpaid dividends up to, but not excluding, the redemption date.