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Aspen Insurance Holdings Ltd, 5.625% PIERS Perp Pref Income Equity Repl Sec
Ticker Symbol: AHL-* CUSIP: G05384113 Exchange: NYSE
* NOTE: This security is no longer trading as of 5/30/2013
Security has been Called for: Thursday, May 30, 2013
Apr 25, 2013 -- Aspen Insurance Holdings Limited (AHL) announced that it is mandatorily converting its Perpetual PIERS (CUSIP Number: BMG053841133) with effect today. Aspen will be converting all of its 4,600,000 Perpetual PIERS. Each holder of a Perpetual PIER will receive $50 in cash plus a number of ordinary shares as determined during the Stock Settlement Averaging Period as the Settlement Amount in accordance with the terms of the Perpetual PIERS. The conversion rate is 1.7121 shares of Aspen’s ordinary shares per $50 liquidation preference of the Perpetual PIERS. Aspen expects to deliver the Settlement Amount on May 30, 2013. In accordance with the terms of the Perpetual PIERS, no further dividends will be paid on the Perpetual PIERS as a result of such Mandatory Conversion.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Aspen Insurance Holdings Ltd, 5.625% Perpetual Preferred Income Equity Replacement Securities (Perpetual PIERS), issued at $50 per PIERS. The PIERS are not redeemable anytime at the issuer's option. Non-cumulative distributions of 5.625% ($2.8125) per annum are paid quarterly in cash or ordinary shares on 1/1, 4/1, 7/1 & 10/1 to holders of record on 12/15, 3/15, 6/15 & 9/15 respectively, only if declared by the board. The PIERS are convertible any time at the holder's option into 1.7077 ordinary shares of Aspen Insurance Holdings Ltd (NYSE: AHL), an initial conversion price of $29.28 per ordinary share and subject to specified adjustments. Upon a voluntary conversion, the company will deliver, per Perpetual PIERS, one perpetual preference share ($50 liquidation preference) and a number of ordinary shares, if any, equal to the sum of the daily settlement amounts for each day of the 20 settlement period trading days during the applicable stock settlement averaging period. On or after 1/1/2009, if the price of the common stock exceeds 130% of the conversion price for 20 of any 30 consecutive trading days, the company may, at their option, force the PIERS to be converted into $50 in cash plus ordinary shares if any. Dividends paid by these preference shares 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) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the PIERS rank equally with other preference shares and senior to the ordinary shares of the company. See the IPO prospectus for further information on the Perpetual PIERS and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
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Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Conv Shrs Conv Price |
Distribution Dates |
15% Tax Rate |
NYSE
Chart
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5.63%
$2.81250
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$50.00
N/A
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Called for
5/30/2013
None
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Ba1
BBB-
6/11/2013
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1.7077
$29.28
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1/1, 4/1, 7/1 & 10/1
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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YES
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Go to Parent Company's Record (AHL*)
IPO - 12/8/2005 - 4.00 Million Shares @ $50.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: AHLSF Changed: 12/13/2005
Market Value $200.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Foreign Address and Phone Numbers |
Address: 141 Front Street, Hamilton, Bermuda HM 19 |
Main Phone Number |
441-295-8201 |
Fax Number |
441-295-1829 |
Inv Rel Phone Number
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646-502-1076 |
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