Arch Capital Group Ltd. Announces Closing of Public Offering of 4,000,000 Depositary Shares Representing Series F Preferred S...
01 Dezember 2017 - 10:14PM
Business Wire
Arch Capital Group Ltd. [NASDAQ:ACGL] announced today that it
has closed its previously announced underwritten public offering of
4,000,000 Depositary Shares, each of which represents a 1/1,000th
interest in a 5.45% Non-Cumulative Preferred Share, Series F,
of ACGL (the Series F Preferred Shares). This offering is an
additional issuance of its Series F Preferred Shares originally
issued in August of 2017. The additional Depositary Shares have
been listed on NASDAQ, under the existing symbol “ACGLO.”
The offering was led by Merrill Lynch, Pierce, Fenner &
Smith Incorporated and Wells Fargo Securities, LLC as joint
book-running managers.
The Company also announced today that it had called for
redemption on January 2, 2018, all of its outstanding of 6.75%
Series C Non-Cumulative Preferred Shares which are listed on the
New York Stock Exchange under the symbol “ARH.PRC.” The Series C
Non-Cumulative Preferred Shares will be redeemed at a redemption
price equal to $25.00 per share (an aggregate redemption price of
$92,554,825), plus all declared and unpaid dividends to (but
excluding) the redemption date. The Paying Agent for the redemption
is American Stock Transfer & Trust Company, LLC, and they can
be reached toll-free at (877) 248-6417 or at (718) 921-8317 with
any questions regarding the redemption. ACGL has declared a
one-time dividend on the Series C Non-Cumulative Preferred Shares
for the period from and including December 31, 2017 through and
including January 1, 2018 of $0.009375 per share, which will be
paid on the redemption date, along with the redemption price.
Record holders of the Series C Non-Cumulative Preferred Shares as
of December 15, 2017 will still receive the previously announced
dividend for the fourth quarter of 2017, also payable on January 2,
2018.
Arch Capital Group Ltd., a Bermuda-based company with
approximately $11.04 billion in capital at September 30, 2017,
provides insurance, reinsurance and mortgage insurance on a
worldwide basis through its wholly owned subsidiaries.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which the offer,
solicitation or sale is not permitted. The offering is being made
pursuant to the Company’s effective shelf registration statement
previously filed with the Securities and Exchange Commission. This
offering may be made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement.
You may obtain a copy of the final prospectus supplement and
accompanying prospectus from the Securities and Exchange Commission
at www.sec.gov. Alternatively, the underwriters may arrange to send
you these documents if you request them by contacting Merrill
Lynch, Pierce, Fenner & Smith Incorporated, NC1-004-03-43, 200
North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn:
Prospectus Department, by calling toll-free: 1-800-294-1322 or by
emailing dg.prospectus_requests@baml.com or Wells Fargo Securities,
LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn:
WFS Customer Service, by calling toll-free: 1-800-645-3751 or by
emailing: wfscustomerservice@wellsfargo.com.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking statements. This release or any
other written or oral statements made by or on behalf of Arch
Capital Group Ltd. and its subsidiaries may include forward-looking
statements, which reflect our current views with respect to future
events and financial performance. All statements other than
statements of historical fact included in or incorporated by
reference in this release are forward-looking statements.
Forward-looking statements can generally be identified by the
use of forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe" or "continue" or
their negative or variations or similar terminology.
Forward-looking statements involve our current assessment of risks
and uncertainties. Actual events and results may differ materially
from those expressed or implied in these statements. A
non-exclusive list of the important factors that could cause actual
results to differ materially from those in such forward-looking
statements includes the following: adverse general economic
and market conditions; increased competition; pricing and
policy term trends; fluctuations in the actions of rating
agencies and our ability to maintain and improve our ratings;
investment performance; the loss of key personnel; the
adequacy of our loss reserves, severity and/or frequency of
losses, greater than expected loss ratios and adverse development
on claim and/or claim expense liabilities; greater frequency
or severity of unpredictable natural and man-made catastrophic
events; the impact of acts of terrorism and acts of war;
changes in regulations and/or tax laws in the United States or
elsewhere; our ability to successfully integrate, establish
and maintain operating procedures as well as integrate the
businesses we have acquired or may acquire into the existing
operations; changes in accounting principles or
policies; material differences between actual and expected
assessments for guaranty funds and mandatory pooling
arrangements; availability and cost to us of reinsurance to
manage our gross and net exposures; the failure of others to
meet their obligations to us; and other factors identified in
our filings with the U.S. Securities and Exchange Commission.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with
other cautionary statements that are included herein or elsewhere.
All subsequent written and oral forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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Arch Capital Group Ltd.Mark D. Lyons, 441-278-9250
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