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Slideshow Preferred Stock Offerings

By Ru Back Packer Staff, updated Sunday, January 28, 6:12 AM

Slide #302. AmTrust Financial Services, Inc. Preferred Stock Offering

Company: AmTrust Financial Services, Inc. (NASDAQ:AFSI)
Date announced: 6/4/2013
Shares Offered: 4,600,000
Price Per Share: $25
Preferred Stock Offering Details: AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the "Company") today announced that it has priced an underwritten public offering of 4.6 million shares of its 6.75% Non-Cumulative Preferred Stock, Series A (the "Preferred Stock") with a liquidation preference of $25.00 per share, or $115 million in aggregate liquidation preference. The Company expects the offering to close on June 10, 2013, subject to customary closing conditions. Dividends will be payable on the liquidation preference amount, on a non-cumulative basis, when and if declared by the board of directors of the company, at a rate of 6.75% per annum, quarterly in arrears, on March 15, June 15, September 15 and December 15 of each year, beginning on September 15, 2013, from and including the date of original issuance. The Preferred Stock is not redeemable prior to June 10, 2018. After that date, the Company may redeem at its option, in whole or in part, the Preferred Stock at a redemption price of $25.00 per share plus any declared and unpaid dividends for prior dividend periods and accrued but unpaid dividends (whether or not declared) for the then current dividend period. The Company intends to apply to list the Preferred Stock for trading on the New York Stock Exchange. The Company expects to use the net proceeds from the offering for general corporate purposes.

AmTrust Financial Services is a holding company. Through its subsidiaries, Co. underwrites and provides property and casualty insurance products, including workers' compensation, commercial automobile, general liability and extended service and warranty coverage. Co. segments are: Small Commercial Business, which provides workers' compensation insurance; Specialty Risk and Extended Warranty, which provides custom designed coverages, such as accidental damage plans and protection plans; and Specialty Program, which provides workers' compensation, commercial auto liability, property coverage, excess and surplus lines programs and other commercial property and casualty insurance.

Preferreds: AFSI.PRA, AFSI.PRB, AFSI.PRD, AFSI.PRC, AFSI.PRE, AFSI.PRF


Open the AFSI Page at Ru Back Packer »

Name: AmTrust Financial Services Inc
Website: amtrustgroup.com
Sector: Insurance Brokers
Number of ETFs Holding AFSI: 35 (see which ones)
Total Market Value Held by ETFs: $143,951,744
Total Market Capitalization: $2,548,000,000
% of Market Cap. Held by ETFs: 5.65%

Open the AFSI Page at Ru Back Packer (in a new window) »

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