Preferred Stock Channel
Aspen Insurance Holdings Ltd | 5.95% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares (AHL.PRC)

Prospectus excerpt:  We are selling 11,000,000 of our 5.95% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, with a liquidation preference of $25 per share (the ÙPreference Sharesˆ).

Upon liquidation, dissolution or winding-up, the holders of the Preference Shares will be entitled to receive from our assets legally available for distribution to shareholders a liquidation preference of $25 per share, plus declared and unpaid dividends, if any, to, but excluding, the date fixed for distribution. Dividends on the Preference Shares will be payable on a non-cumulative basis only when, as and if declared by our board of directors, quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, commencing on July 1, 2013, at a rate equal to 5.95% of the liquidation preference per annum (equivalent to $0.3719 per share for a full dividend period) up to but excluding July 1, 2023. Commencing on July 1, 2023, dividends will be payable on a non-cumulative basis only when, as and if declared by our board of directors at a floating annual rate, which is reset quarterly, equal to 3-month LIBOR plus 4.06%.

Dividends on the Preference Shares are not cumulative. Accordingly, in the event dividends are not declared on the Preference Shares for payment on any dividend payment date, then those dividends will not accumulate and will not be payable. If we have not declared a dividend before the dividend payment date for any dividend period, we will have no obligation to pay dividends for that dividend period, whether or not dividends on the Preference Shares are declared for any future dividend period.

On July 1, 2023 and any dividend payment date thereafter, we may redeem the Preference Shares, in whole or in part, at a redemption price of $25 per share, plus declared and unpaid dividends, if any, to, but excluding, the date of redemption. At any time prior to July 1, 2023, we may redeem the Preference Shares in whole at a redemption price described in this prospectus supplement plus declared and unpaid dividends, if any, to, but excluding, the date of redemption, only if we submit to the holders of our ordinary shares a proposal for an amalgamation or merger or if we submit any proposal for any other matter that requires, as a result of a change in Bermuda law after the date of this prospectus supplement, for its validation or effectuation an affirmative vote of the holders of the Preference Shares at the time outstanding, whether voting as a separate series or together with any other series or class of preference shares as a single class. In addition, on any dividend payment date following the occurrence of a tax event or on the dividend payment date following the occurrence of a capital disqualification redemption event, in each case as described in this prospectus supplement, we may redeem the Preference Shares, in whole or in part, at a redemption price of $25 per share, plus declared and unpaid dividends, if any, to, but excluding, the date of redemption.

Full Prospectus PDF », Secondary Prospectus PDF », AHL Page »

Alternate symbology:AHL-C, AHL-PC, AHLprC
Redeemable?:Yes
Call Date:7/1/2023 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:No
Shares Offered:11,000,000
Liquidation Preference:$25.00
Recent Market Price:$25.32
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$0.32 (1.28%)
Annualized Dividend:2.3984
Recent Ex-Date:3/14/2024
Current Yield:9.47%
Original Coupon:5.95% up to but excluding July 1, 2023, then at a floating annual rate, which is reset quarterly, equal to 3-month LIBOR plus 4.06%.
Pay Period:Quarterly
Pay Dates:1-Jan, 1-Apr, 1-Jul, 1-Oct
CDx3 Compliance Rating: Learn AHL.PRC's Rating
Aspen Insurance Holdings is a holding company. Co. underwrites insurance and reinsurance through its subsidiaries in Bermuda, the U.S. and the U.K. Co. has two segments: Reinsurance, which consists of property catastrophe reinsurance, other property reinsurance (facultative or single risk reinsurance), casualty reinsurance (U.S. treaty, international treaty and casualty facultative reinsurance) and specialty reinsurance (credit and surety, agriculture insurance and reinsurance, marine, aviation, terrorism, engineering and other lines); and Insurance, which consists of property and casualty insurance, marine, aviation and energy insurance and financial and professional lines insurance.

Preferreds: AHL.PR, AHL.PRA, AHL.PRB, AHL.PRC, AHL.PRD, AHL.PRE


Open the AHL Information Page »
Name:  Aspen Insurance Holdings Ltd
Website:  www.aspen.bm
Sector:  Insurance Brokers

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