Flagstone Reinsurance Holdings Limited Raises $136 Million from Issuance of Junior Subordinated Deferrable Interest Debentures.HAMILTON, Bermuda -- Flagstone flagstone: see silt. Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Holdings Limited, announced today that it has raised $136 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 floating rate of interest equal to 3-month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 354 basis points, reset quarterly. The Deferrable Interest Debentures mature on September 15th, 2036, and may be called at par by the Company at any time after September 15th, 2011. The Deferrable Interest Debentures will not be and have not been registered under the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. absent registration or an applicable exemption from registration requirements. About Flagstone Reinsurance Holdings Limited Flagstone Reinsurance Holdings Limited, through its wholly-owned subsidiary Flagstone Reinsurance Limited ("Flagstone Re"), is a global reinsurance company formed and headquartered in Bermuda. Flagstone Re employs a focused, technical approach to the Property Catastrophe, Property, and Specialty reinsurance business and has received "A-" financial strength rating from A.M. Best Company. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion