Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Wed, January 19, 3:05 AM

Slide #394. National General Holdings Corp. Preferred Stock Offering

Company: National General Holdings Corp. (NGHC)
Date announced: 6/18/2014
Shares Offered: 2,200,000
Date of Pricing: 6/18/2014
Price Per Share: $25
Preferred Stock Offering Details: National General Holdings Corp. (Nasdaq:NGHC) (the "Company") today announced that it has priced an underwritten public offering of 2.2 million shares of its 7.50% Non-Cumulative Preferred Stock, Series A (the "Preferred Stock") with a liquidation preference of $25.00 per share, or $55 million in aggregate liquidation preference. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 330,000 shares of the Preferred Stock on the same terms and conditions solely to cover over-allotments, if any. The Company expects the offering to close on June 25, 2014, subject to customary closing conditions. Dividends will be payable on the liquidation preference amount, on a non-cumulative basis, when and if declared by the board of directors of the company, at a rate of 7.50% per annum, quarterly in arrears, on January 15, April 15, July 15 and October 15 of each year, beginning on October 15, 2014, from and including the date of original issuance. The Preferred Stock is not redeemable prior to July 15, 2019. After that date, the Company may redeem at its option, in whole or in part, the Preferred Stock at a redemption price of $25.00 per share plus any declared and unpaid dividends for prior dividend periods and accrued but unpaid dividends (whether or not declared) for the then current dividend period. The Company has applied to list the Preferred Stock for trading on NASDAQ. The Company expects to use the net proceeds from the offering for general corporate purposes, including for acquisitions and to support our current and future policy writings.

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.

Preferred: NGHCP

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National General Holdings Corp
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Preferred Stock Offerings - Slide 394 of 578 |

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