Aspen Insurance (NYSE:AHL)
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Aspen Insurance Holdings Announces Pricing of $250 Million Senior
Notes Offering
HAMILTON, Bermuda, Aug. 11 /PRNewswire-FirstCall/ -- Aspen Insurance Holdings
Limited (NYSE:AHL)(BSX:AHLBSX:BH) today announced the pricing of a 10 year $250
million 6% Senior Notes offering under Rule 144A and Regulation S under the
Securities Act of 1933. The Senior Notes will mature on August 15, 2014,
unless previously redeemed. The Company also has granted certain customary
exchange and shelf registration rights to noteholders under the terms of the
Senior Notes.
The offering is expected to close on August 16, 2004 and will result in net
proceeds to the Company of approximately $247 million. A portion of the
proceeds of the offering are intended to be used to repay $40 million in
principal amount of outstanding borrowings under the Company's existing credit
facilities. The remainder of the net proceeds will be contributed to one or
more of the Company's insurance subsidiaries in order to increase their
respective capital and surplus, and consequently, their respective underwriting
capacity.
The Senior Notes have not been registered under the Securities Act and may not
be offered or sold in the United States unless registered under the Securities
Act or under an exemption from such requirements. The securities are being
sold in offshore transactions to non-U.S. persons or in privately negotiated
exempt transactions under circumstances that permit resale under Rule 144A.
This release shall not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of these securities in
any state in which such offer, solicitation or sale would be unlawful.
About Aspen Insurance Holdings Limited
Aspen Insurance Holdings Limited (Aspen) was established in June 2002. Aspen is
a Bermudian holding company that provides property and casualty reinsurance in
the global market, property and liability insurance principally in the United
Kingdom and surplus lines insurance in the United States. Aspen's operations
are conducted through its wholly owned subsidiaries located in London, Bermuda
and the United States: Aspen Insurance UK Limited (Aspen Re), Aspen Insurance
Limited (Aspen), Aspen Specialty Insurance Company (Aspen Specialty) and Aspen
Re America Inc (Aspen Re America). Aspen's reinsurance segment consists of
property reinsurance, casualty reinsurance and specialty reinsurance lines of
business. Aspen's insurance segment consists of commercial property, commercial
liability and U.S. surplus insurance lines of business. Aspen's principal
existing shareholders include The Blackstone Group, Candover Partners Limited,
Wellington Underwriting plc and Credit Suisse First Boston Private Equity.
DATASOURCE: Aspen Insurance Holdings Limited
CONTACT: Investor: Noah Fields, Head of Investor Relations of Aspen
Insurance Holdings Limited, +1-441-297-9382; US: Carina Thate or Jason
Thompson, both of The Abernathy MacGregor Group, +1-212-371-5999; UK: Emma
Burdett or Brian Hudspith, both of The Maitland Consultancy, +44-20-7379-5151