A.M. Best has assigned an issue rating of “bb” to the recently announced $150 million 7.125% Non-Cumulative Preference Shares, Series C, of Maiden Holdings, Ltd. (Maiden) (Hamilton, Bermuda) [NASDAQ: MHLD]. The outlook assigned to the rating is positive.

The offering may be extended under a 30-day underwriters’ option to include an additional $15 million of Preference Shares should they be required to cover over-allotments. At Maiden’s option, the shares may be redeemed on or after Dec. 15, 2020, upon payment of a redemption price of $25.00, plus unpaid accumulated declared dividends.

The net proceeds from the sale are expected to be used for continued support of Maiden’s reinsurance business and for other general corporate purposes, which may include the repayment of outstanding indebtedness, including 8.25% senior notes due 2041 issued by Maiden Holdings North America, Ltd. and guaranteed by Maiden.

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