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Aspen Insurance Holdings Ltd, Fixed/Float Perp Non-Cumul Preference Shares
Ticker Symbol: AHL-C CUSIP: G05384154 Exchange: NYSE
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November 30, 2023 -- In connection with the dividends declared and to be paid on the AHL PRC Preference Shares, given the cessation of LIBOR as from the final publication on June 30, 2023 and the failure of any qualifying banks to provide quotes to the appointed calculation agent as contemplated by the floating rate determination language set forth in the governing instrument, then, in accordance with the provisions of such instrument, the floating rate to be applied to dividends on the AHL PRC Shares will equal the 3-month LIBOR on June 29, 2023 (representing 3-month LIBOR for the previous floating rate period at the applicable determination date), plus 4.06%, being, in the case of the first floating rate dividend period beginning July 1, 2023 and payable on October 1, 2023, a coupon rate payable of 9.59343%. It is expected, but not certain, that the banks will continue to be unable to provide quotes and this coupon rate will remain at 9.59343% for future dividend periods, as contemplated by the terms of the governing instrument. March 1, 2023 Quarterly dividend declared of $0.3719 per share on its 5.95% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares with a $25 liquidation preference per share payable on April 1, 2023 to holders of record as of the close of business on March 15, 2023.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Aspen Insurance Holdings Ltd, 5.95% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 7/1/2023 at $25 per share plus declared and unpaid dividends, and with no stated maturity. Fixed non-cumulative distributions of 5.95% per annum ($1.4875 per annum or $0.371875 per quarter) will be paid quarterly through 7/1/2023 on 1/1, 4/1, 7/1 & 10/1 to holders of record on the record date that will be 12/15, 3/15, 6/15 & 9/15 respectively (NOTE: the ex-dividend date is one business day prior to the record date). On and after 7/1/2023 floating rate distributions will be paid at a rate equal to the three-month LIBOR plus 4.06%. 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 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-41 of the prospectus for further information). This security is possibly subject to an early call as a result of the occurrence of a capital disqualification redemption event (see the prospectus for further information). At any time prior to July 1, 2023, the Issuer may redeem the Preference Shares, in whole but not in part, if the Issuer submits to the holders of the Issuer’s ordinary shares a proposal for an amalgamation or merger or if the Issuer submits any proposal for any other matter that requires, as a result of a change in Bermuda law, for its validation or effectuation an affirmative vote of the holders of the Preference Shares. This security was rated as Ba1 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 (APO)
IPO - 4/29/2013 - 11.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Market Value $ 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 |
| Foreign Address and Phone Numbers |
| Address: 141 Front Street, Hamilton, Bermuda HM 19 |
| Main Phone Number |
441-295-8201 |
| Fax Number |
441-295-1829 |
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Inv Rel Phone Number
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+44 20 7184 8455 |
| Address and Phone Numbers |
| U.S. Representative |
N.A. |
| Address: 590 Madison Ave, 7th Floor, New York, NY 10022 |
| Main Phone Number |
Not Available |
| Fax Number |
Not Available |
Toll Free Phone Number |
Unknown |
| CEO - Mark Cloutier |
CFO - Christopher Coleman |
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