Aspen Insurance Holdings Ltd. priced an underwritten public offering of 10 million of its 5.625% perpetual noncumulative preference shares.
The shares have a liquidation preference of $25 per share, or $250 million in aggregate liquidation preference.
The offering is expected to close Aug. 13, subject to the satisfaction of customary closing conditions. Aspen intends to use the net proceeds to redeem all of its outstanding 6.00% senior notes due 2020 and for general corporate purposes.
The offering was led by Wells Fargo Securities LLC, BofA Securities Inc. and Morgan Stanley & Co. LLC as joint book-running managers.