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Validus Holdings, Ltd., 5.80% Dep Shares Non-Cumul Preference Shares Series B
Ticker Symbol: VR-B* CUSIP: 91915W300 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/30/2018
Security has been Called for: Tuesday, October 30, 2018
Sep. 27, 2018-- American International Group, Inc. today announced that Validus Holdings, Ltd., an AIG company, will redeem all of Validus’ outstanding (i) 5.875% Non-Cumulative Preference Shares, Series A (CUSIP No. 91915W201) and (ii) 5.800% Non-Cumulative Preference Shares, Series B (CUSIP No. 91915W300). There are currently 6,000 issued and outstanding Series A Preference Shares and 10,000 issued and outstanding Series B Preference Shares. Depositary shares, each representing a 1/1,000th interest in a Series A Preference Share or Series B Preference Share, as applicable (the “Depositary Shares”), are currently listed on the NYSE under the ticker symbols “VRPRA” and “VRPRB,” respectively. The Preference Shares will be redeemed on October 30, 2018 at a redemption price of $26,000 per Preference Share ($26 per Depositary Share), plus all declared and unpaid dividends, if any, up to, but excluding, the Redemption Date. From and after the Redemption Date, all distributions on the Preference Shares will cease to accumulate, such Preference Shares shall no longer be deemed outstanding, and all rights of the holders of such Preference Shares will terminate, except for the right to receive the Redemption Price, without interest thereon. Additionally, the Depositary Shares will be removed from listing on the NYSE following the redemption. The notices of redemption specifying the terms, conditions and procedures for the redemption of the Series A Preference Shares and Series B Preference Shares will be mailed to holders of record of the Series A Preference Shares and Series B Preference Shares, respectively, and are available by contacting Computershare, Inc. (“Computershare”), the depositary and redemption agent for the Preference Shares, by mail at 462 South Fourth Street, Louisville, KY 40202, Attention: Corporate Actions or by phone at 1-855-396-2084 (1-781-575-2765 outside the United States and Canada). Questions regarding the redemption of the Preference Shares, including the contents of the Redemption Notices, may be directed to Computershare.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Validus Holdings, Ltd., 5.80% Depositary Shares, each representing a 1/1,000th interest in a share of Non-Cumulative Preference Shares, Series B, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 6/21/2022 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 5.80% per annum ($1.45 per annum or $0.3625 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record that will be the 15th calendar day prior to the payment date or on the 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. The issuer may not redeem the Preference Shares before 6/21/2022, except in specified circumstances relating to certain corporate, regulatory or tax events (see prospectus for further details). 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 (see page S-36 of the prospectus for further information). This security was rated as Baa3 by Moody’s and BBB- by S&P at the date 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.
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Go to Parent Company's Record (AIG)
IPO - 6/12/2017 - 10.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: VRRHP Changed: 6/21/2017
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: 175 Water Street, New York, NY 10038 |
| Main Phone Number |
212-770-7000 |
| Fax Number |
212-943-1125 |
| Investor Relations
Liz Werner
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212-770-7074
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Toll Free Phone Number |
Unknown |
| CEO - Brian Duperreault |
CFO - Siddhartha Sankaran |
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