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Assurant, Inc. 6.50% Series D Mandatory Convertible Preferred Stock
Ticker Symbol: AIZP* CUSIP: 04621X207 Exchange: NYSE
* NOTE: This security is no longer trading as of 3/15/2021
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Assurant, Inc. 6.50% Series D Mandatory Convertible Preferred Stock, liquidation preference $100 per share. The preferred shares are mandatorily convertible on 3/15/2021 into a variable number of Assurant, Inc. (NYSE: AIZ) common shares based on the then current price of the common shares for 20 consecutive trading days immediately prior to the conversion date. The conversion settlement rate will be 0.9354 shares per unit if the then current market price is equal to or greater than $106.9061 and 1.1225 shares per unit if the market price is equal to or less than $89.0869. For market prices between those values the settlement rate will be $100 divided by the market value. The last reported sale price of the common stock on 3/5/2018 was $88.66 per share. The preferred shares are convertible any time at the holder’s option into 0.9354 shares of common stock. Distributions of 6.50% per annum (6.50 per annum or $.1625 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on 3/1, 6/1, 9/1 & 12/1 respectively (NOTE: the ex-dividend date is one business day prior to the record date). If an Acquisition Termination event occurs and the TWG Acquisition has not closed on or prior to 12/17/2018, the Issuer may, at its option, give notice of an acquisition termination redemption to the holders of the shares. If the Issuer provides such notice, then, on the Acquisition Termination Redemption Date, the Issuer will redeem the shares at a redemption amount per share equal to the Acquisition Termination Make-whole Amount (see prospectus for further information). If a Fundamental Change occurs shares of the Preferred Stock will be converted into shares of the issuers common stock at the Fundamental Change Conversion Rate and the holder will also be entitled to receive a Fundamental Change Dividend Make-whole Amount and Accumulated Dividend Amount (see prospectus for further informaion). Dividends paid by this preferred are eligible for a preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under normal holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-88 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 mandatory convertible preferred stock and their mandatory 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 |
Conversion Shares@Price |
Distribution Dates |
15% Tax Rate |
NYSE
Chart
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6.50%
$6.50
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$100.00
N/A
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Not Callable
3/15/2021
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NR NR
5/28/2020
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0.9364@$106.9061+
1.1225@$89.0869-
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3/15, 6/15, 9/15 & 12/15
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 (AIZ)
IPO - 3/6/2018 - 2.50 Million Shares @ $100.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: AIZZP Changed: 3/15/2018
Market Value $250.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 28 Liberty Street, 41st Floor, New York, NY10005 |
| Main Phone Number |
212-859-7000 |
| Fax Number |
212-859-7010 |
| Investor Relations
Suzanne Shepherd
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201-788-4324
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Toll Free Phone Number |
Unknown |
| CEO - Alan B. Colberg |
CFO - Richard Dziadzio |
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