Maiden Commences Tender Offer to Purchase Preference Shares, Series A, Series C and Series D for an Aggregate Purchase Price of up to $100,000,000

Maiden Holdings, Ltd. (NASDAQ:MHLD) (“Maiden”) announced today the commencement of a cash tender offer (the “Offer”), through its indirect, wholly-owned subsidiary, Maiden Reinsurance Ltd. (the “Company”), to purchase the number of securities listed in the table below (the “Securities”) as can be purchased for an aggregate purchase price of up to $100,000,000 (the “Maximum Aggregate Purchase Amount”).

Series of Securities

CUSIP No. / ISIN

Liquidation Preference
Per Share

Aggregate
Liquidation
Preference
Outstanding

Offer Price

8.250% Non-Cumulative Preference Shares, Series A of Maiden Holdings, Ltd. (“Series A Preference Shares”)

 

G5753U 120 /
BMG5753U1201

$25.00

 

$150,000,000

 

$10.50 per share

7.125% Non-Cumulative Preference Shares, Series C of Maiden Holdings, Ltd. (“Series C Preference Shares”)

 

G5753U 138 /
BMG5753U1383

$25.00

 

$165,000,000

 

$10.50 per share

6.700% Non-Cumulative Preference Shares, Series D of Maiden Holdings, Ltd. (“Series D Preference Shares”)

G5753U 146 /
BMG5753U1466

$25.00

 

$150,000,000

 

$10.50 per share

The consideration for each Series A Preference Share, each Series C Preference Share and each Series D Preference Share tendered and accepted for purchase pursuant to the Offer will equal $10.50 (the “Offer Price”). The Offer Price does not, and will not, include any amount with respect to dividends.

The principal purpose of the Offer is to adjust Maiden’s capital structure to reflect its current operations and the amount of capital required to operate both Maiden and the Company. Maiden’s board of directors has not declared or paid dividends on the Securities since the fourth quarter of 2018 and there can be no assurance that Maiden will declare and pay dividends on the Securities in the future. The Securities are perpetual and there is no fixed date on which Maiden is required to redeem or otherwise repurchase them. Further, given the perpetual form of capital the Securities represent, there can be no assurance that Maiden or the Company will make additional offers in the future to purchase the Securities.