Validus Holdings, Ltd. Issues Notice of Redemption of Preference Shares
Business Wire 27-Sep-2018 8:30 AM
American International Group, Inc. (NYSE:AIG) today announced that
Validus Holdings, Ltd. ("Validus"), an AIG company, will redeem all of
Validus' outstanding (i) 5.875% Non-Cumulative Preference Shares, Series
A (CUSIP No. 91915W201) (the "Series A Preference Shares") and (ii)
5.800% Non-Cumulative Preference Shares, Series B (CUSIP No. 91915W300)
(the "Series B Preference Shares" and, together with the Series A
Preference Shares, the "Preference Shares"). 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 (the
"Redemption Date") 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 (the "Redemption Price").
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 (the "Redemption Notices") 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.
This press release does not constitute a notice of redemption under
either of the Certificates of Designations governing the Series A
Preference Shares or Series B Preference Shares, respectively, and is
qualified in its entirety by reference to the Redemption Notices issued
by Validus.
Certain statements in this press release, including those describing the
redemption, constitute forward-looking statements. These statements are
not historical facts but instead represent only AIG's belief regarding
future events, many of which, by their nature, are inherently uncertain
and outside AIG's control. It is possible that actual results will
differ, possibly materially, from the anticipated results indicated in
these statements. Factors that could cause actual results to differ,
possibly materially, from those in the forward-looking statements are
discussed throughout AIG's periodic filings with the SEC pursuant to the
Securities Exchange Act of 1934.
Validus Holdings, Ltd. is an American International Group, Inc. (AIG)
company. AIG is a leading global insurance organization. Founded in
1919, today AIG member companies provide a wide range of property
casualty insurance, life insurance, retirement products, and other
financial services to customers in more than 80 countries and
jurisdictions. These diverse offerings include products and services
that help businesses and individuals protect their assets, manage risks
and provide for retirement security. AIG common stock is listed on the
New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance www.twitter.com/AIGinsurance
| LinkedIn: www.linkedin.com/company/aig.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
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