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property for sale in turks and caicos islands
News and Information Article
HAMILTON, Bermuda, June 22 // -- Validus Holdings, Ltd.,
announced today that it has raised $150 million through a private sale of
Junior Subordinated Deferrable Interest Debentures (the "Deferrable
Interest Debentures") as part of a pooled transaction.
The Deferrable Interest Debentures have a fixed rate of interest equal
to 9.069% per annum through June 15, 2011, and thereafter a floating
interest rate of 3-month LIBOR plus 355 basis points, reset quarterly. The
Deferrable Interest Debentures mature on June 15, 2036, and may be called
at par by the Company at any time after June 15, 2011.
Ed Noonan, Chairman and Chief Executive of Validus, said, "The issuance
of hybrid securities is a very cost competitive source of long term capital
for Validus. In conjunction with our previously-announced syndicated credit
agreement and over $1.0 billion in equity capital raised at our formation,
we have substantial capital resources at our disposal to execute our
business plan and to respond to market conditions as they evolve."
The Deferrable Interest Debentures will not be and have not been
registered under the Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration requirements.
About Validus Holdings, Ltd.
Validus Holdings, Ltd., through its wholly-owned subsidiary Validus
Reinsurance, Ltd. ("Validus Re"), is a global provider of property
catastrophe, per risk, marine and energy, retrocession and other specialty
short-tail lines of reinsurance. Validus was formed in December 2005 with
over $1.0 billion of capital from institutional investors. The founding
investor and sponsor of Validus is Aquiline Capital Partners LLC, a private
equity firm headed by Jeffrey W. Greenberg. Other sponsoring investors
include private equity funds managed by Goldman Sachs Capital Partners,
Vestar Capital Partners, New Mountain Capital and Merrill Lynch Global
Private Equity. Validus Re is rated A- (Excellent) by A.M. Best. The
Companys offices are located at Mintflower Place, 8 Par-la-Ville Road,
Hamilton HM 08, Bermuda.
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