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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Sat., Sep. 20, 3:55 AM

Slide #25. AmTrust Financial Services, Inc. Secondary Offering

Company: AmTrust Financial Services, Inc. (NASDAQ:AFSI)
Date announced: 9/9/2014
Shares Offered: 3,200,000
Date of Pricing: 9/9/2014
Price Per Share: $25
Secondary Offering Details: AmTrust Financial Services, Inc. (Nasdaq:AFSI) (the "Company" or "AmTrust") today announced that it priced on September 9, 2014 an underwritten public offering of 3,200,000 of its depositary shares (the "Depositary Shares"), each representing a 1/40th interest in a share of its 7.625% Non-Cumulative Preferred Stock, Series C (the "Preferred Stock"), with a liquidation preference of $1,000.00 per share (equivalent to $25.00 per Depositary Share), or $80 million in aggregate liquidation preference. The offering price per Depositary Share is $25.00, for aggregate gross proceeds of $80 million. The Company has granted the underwriters a 30-day option, expiring on October 9, 2014, to purchase up to an additional 480,000 Depositary Shares from the Company on the same terms and conditions. Each Depositary Share entitles the holder to a proportional fractional interest in all rights and preferences of the Preferred Stock represented thereby (including any dividend, liquidation, redemption and voting rights). The Company expects the offering to close on September 16, 2014, subject to customary closing conditions. Dividends on the Preferred Stock represented by the Depositary Shares will be payable on the liquidation preference amount, on a non-cumulative basis, when, as and if declared by the board of directors of the Company, at a rate of 7.625% per annum, quarterly in arrears, on March 15, June 15, September 15 and December 15 of each year, beginning on December 15, 2014, from and including the date of original issuance. The Preferred Stock represented by the Depositary Shares is not redeemable prior to September 16, 2019. After that date, the Company may redeem at its option, in whole or in part, the Preferred Stock represented by the Depositary Shares at a redemption price of $1,000.00 per share (equivalent to $25.00 per Depositary 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 Depositary Shares for trading on the New York Stock Exchange. The Company expects to use the net proceeds from the offering for general corporate purposes, which may include working capital, capital expenditures and/or strategic acquisitions.

AmTrust Financial Services underwrites and provides property and casualty insurance in the U.S. and internationally. Co. manages its business through three primary segments: Small Commercial Business, which provides workers' compensation, and commercial package and other property and casualty insurance products to small businesses; Specialty Risk and Extended Warranty, in which Co. provides coverage for consumer and commercial goods and custom designed coverages; as well as Specialty Program, which provides workers' compensation, package products, general liability, commercial auto liability, excess and surplus lines programs and other specialty commercial property and casualty insurance.

Preferred: AFSI.PRA


Open the AFSI Page at The Online Investor »

Company Name:  AmTrust Financial Services Inc
Website:  www.amtrustgroup.com
Sector:  Insurance Brokers
Number of ETFs Holding AFSI:  33
Total Market Value Held by ETFs:  $57.73M
Total Market Capitalization:  $3.02B
% of Market Cap. Held by ETFs:  1.91%
 

Open the AFSI Page at The Online Investor (in a new window) »

September 20, 2014    3:55 AM Eastern
Quotes delayed 20 minutes



Strong Buy (3.60 out of 4)
78th percentile
(ranked higher than approx. 78% of all stocks covered)
Based on Zacks ABR data;
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