Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, December 4, 2:20 AM
|This Slide: #341 of 573|
Slide #341. National General Holdings Corp. — Preferred Stock Offering
National General Holdings Corp. (NGHC)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
National General Holdings Corp. (Nasdaq:NGHC) (the "Company" or "National General") today announced that on March 24, 2015 it priced an underwritten public offering of 6 million of its depositary shares (the "Depositary Shares"), each representing a 1/40th interest in a share of its 7.50% Non-Cumulative Preferred Stock, Series B (the "Preferred Stock"), with a liquidation preference of $1,000 per share (equivalent to $25 per Depositary Share), or $150 million in aggregate liquidation preference. The offering price per Depositary Share is $25, for aggregate gross proceeds of $150 million. The Company has granted the underwriters a 30-day option, expiring on April 23, 2015, to purchase up to an additional 900,000 Depositary Shares from the Company on the same terms and conditions.
National General Holdings is a personal lines insurance holding company. Through its subsidiaries, Co. provides a variety of insurance products, including personal and small business automobile, homeowners, umbrella, recreational vehicle (RV), motorcycle, lender-placed, supplemental health, and other insurance products. Co. has two segments: Property and Casualty, which sells nonstandard automobile insurance, provides standard and preferred auto, motorcycle, small business vehicle, homeowners and umbrella products, and underwrites and markets standard and preferred auto and RV insurance; and Accident and Health, which provides accident and non-primary medical health insurance products.
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Hold (2.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com