Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sun, December 5, 6:55 AM
|This Slide: #171 of 573|
Slide #171. Arch Capital Group Ltd. — Preferred Stock Offering
Arch Capital Group Ltd. (NASDAQ:ACGLO)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Arch Capital Group Ltd. (NASDAQ:ACGL) announced today that it has priced an underwritten public offering of 4,000,000 Depositary Shares, each of which represents a 1/1,000th interest in a 5.45% Non-Cumulative Preferred Share, Series F, of ACGL (the Series F Preferred Shares). The public offering price is $25.16 per Depositary Share for an aggregate public offering price of $100,640,000, including accrued dividends of $0.39 per Depositary Share. This offering is an additional issuance of its Series F Preferred Shares originally issued in August of 2017. The Company intends to use the net proceeds of this offering to redeem all of its issued and outstanding Series C Non-Cumulative Preferred Shares with any remaining amounts to be used for general corporate purposes. The offering is expected to close on December 1, 2017, subject to customary closing conditions. Upon closing, the additional Depositary Shares will be listed on NASDAQ, under the existing symbol "ACGLO."
Arch Capital Group is a holding company. Through its subsidiaries, Co. writes specialty lines property, casualty and mortgage insurance and reinsurance lines. Co.'s insurance group focuses on: construction and national accounts; excess and surplus casualty; lenders products; professional lines; programs; property, energy, marine and aviation; travel, accident and health; and other. Co.'s reinsurance group focuses on: casualty; marine and aviation; other specialty; property catastrophe; property excluding property catastrophe; and other. Co.'s mortgage group includes direct mortgage insurance, mortgage reinsurance, and various government sponsored enterprise credit risk-sharing products.
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