PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sun, October 6, 5:25 AM
| This Slide: #513 of 625 |
Slide #513. AmTrust Financial Services, Inc. — Preferred Stock Offering
Company:
AmTrust Financial Services, Inc. (AFSI)
Date announced:
6/4/2013
Shares Offered:
4,600,000
Price Per Share:
$25
Preferred Stock Offering Details:
AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the "Company") today announced that it has priced an underwritten public offering of 4.6 million shares of its 6.75% Non-Cumulative Preferred Stock, Series A (the "Preferred Stock") with a liquidation preference of $25.00 per share, or $115 million in aggregate liquidation preference. The Company expects the offering to close on June 10, 2013, 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 6.75% per annum, quarterly in arrears, on March 15, June 15, September 15 and December 15 of each year, beginning on September 15, 2013, from and including the date of original issuance. The Preferred Stock is not redeemable prior to June 10, 2018. 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 intends to apply to list the Preferred Stock for trading on the New York Stock Exchange. The Company expects to use the net proceeds from the offering for general corporate purposes.
AmTrust Financial Services, through its subsidiaries, underwrites and provides property and casualty insurance products to several customer groups that are underserved within the insurance market. Co. operating segments are: Small Commercial Business, which provides workers' compensation insurance; Specialty Risk and Extended Warranty, which provides custom designed coverages, such as accidental damage plans, mechanical breakdown protection and payment protection plans; and Specialty Program, which provides workers' compensation, general liability, commercial auto liability, property coverage, excess and surplus lines programs and other specialty commercial property and casualty insurance.
Preferreds: AFSIA, AFSIB, AFSIC, AFSIP, AFSIM, AFSIN
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Avg. Broker Rec.
 
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Buy (3.00 out of 4) 100th percentile
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