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Security Details
- Coupon Rate
- 7.75%
- Liquidation Preference
- $25.00
- Call Price
- $25.00
- Call / Redemption Date
- 3/15/2021
- Maturity Date
- None
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 1.94
- Distribution Dates
- 3/15, 6/15, 9/15 & 12/15
- Credit Ratings
- Moody's NR · S&P NF (6/15/2025)
- Tax-Advantaged Dividends
- Yes
Security Profile
- CUSIP
- 032359846
- Market Cap
- Small Cap · $125 Million
- IPO
- 3/8/2016 · $25.00/share
- Previous Symbol
- AFSI-E (changed 2/8/2019)
- Parent Company
- AmTrust Financial Services, Inc. (AFSI*)
Business: AmTrust Financial Services, Inc., 7.75% depositary shares, each representing 1/40th interest in a share of Non-Cumulative Preferred Stock, Series E, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 3/15/2021 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 7.75% per annum ($1.9375 per annum or $0.484375 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be 3/1, 6/1, 9/1 & 12/1 or such other record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-36 of the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
Notes: Feb. 7, 2019 -- OTC Daily Updates notes Market Center Change Delisted from NYSE and moved to the OTC.______________ January 18, 2019 – AmTrust Financial Services, Inc. today announced that its Board of Directors has approved the voluntary delisting of all six series of preferred stock and two series of subordinated notes from the New York Stock Exchange. The Company intends to voluntarily delist the Series A Preferred Stock (NYSE: AFSI-PA), the Company’s Depositary Shares representing 1/40th of a share of its Series B, C, D, E and F Preferred Stock, respectively (NYSE: AFSI-PB, AFSI-PC, AFSI-PD, AFSI-PE, AFSI-PF), the Company’s 7.25% Subordinated Notes due 2055 (NYSE: AFSS) and the Company’s 7.50% Subordinated Notes due 2055 (NYSE: AFST). The Company intends to file with the Securities and Exchange Commission (“SEC”) a notification on Form 25 on or about January 28, 2019 to delist and deregister the Listed Securities under Section 12(b) of the Securities Exchange Act of 1934, as amended. The Company expects the delisting of the Listed Securities to become effective on or about February 7, 2019 at which time AmTrust’s SEC reporting obligations with respect to the Listed Securities will be suspended. AmTrust’s decision to delist and deregister the Listed Securities was based on its determination that the administrative costs and burdens associated with maintaining the listings on the NYSE and the registration exceed the benefits given the small number of record holders and low daily trading volume. In addition, this decision was made in light of the Company’s new ownership structure and the resulting changes to its long-term strategy, following the completion of AmTrust’s go-private transaction on November 29, 2018 and the delisting of its common stock. Each series of the Preferred Stock and the Subordinated Notes will continue to remain an outstanding obligation of AmTrust. The Company plans to continue paying quarterly dividends and interest on the Listed Securities consistent with its rights and obligations.
Company Contact
- CEO
- Barry D. Zyskind
- CFO
- Daniel Pacicco
- Headquarters
- 59 Maiden Lane, 43rd Floor, New York, NY 10038
- Phone
- 212-220-7120 · Toll-Free 855-327-2223
- Fax
- 212-220-7130
- Investor Relations
- Chaya Cooperberg · 646-458-3332 · chaya.cooperberg@amtrustgroup.com