The Firm represented AXIS Capital Holdings Limited (“AXIS Capital”) in connection with its public offering of 22,000,000 depositary shares, each representing a 1/100th interest in a share of AXIS Capital’s 5.5% Series E Preferred Shares, each with a liquidation preference of $2,500 per share, representing $550 million in aggregate liquidation preference. AXIS intends to use the net proceeds from the offering to redeem all of its outstanding Series C Preferred Shares and any remaining net proceeds for general corporate purposes, which may include the repurchase of a portion of its outstanding common shares.
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at September 30, 2016 of $7 billion and locations in Bermuda, the United States, Canada, Europe, Australia (in run-off) and Singapore.
The Simpson Thacher team included Gary Horowitz, Lesley Peng, John O’Connell and Michael Panzer (Capital Markets); Steven DeLott (Insurance); Jonathan Cantor, Andrew Purcell and John Torrenti (Tax); and Jennifer Pepin (Executive Compensation & Employee Benefits).