From PEsource
AXIS Capital to Repurchase $350 Million of Common Shares Owned by Initial Investors
By Pembroke, Bermuda
Feb 14, 2005, 15:17
AXIS Capital Holdings Limited ("AXIS Capital") (NYSE:AXS) today announced that the Company has agreed to repurchase $350 million of its common shares, or 12,783,094 common shares, owned by initial investors at the formation of the Company. These repurchases will be made pursuant to the Company's share repurchase program using existing cash on hand and are expected to close on February 16, 2005.
The Company agreed to repurchase $300 million of its common shares owned by Blackstone Capital Partners III and related entities and $50 million of its common shares owned by DLJ Merchant Banking Partners III and related entities. The average purchase price agreed was $27.38 per common share, representing a 3.9% discount to the last reported closing price for common shares on February 11, 2005.
In December 2004, AXIS Capital's Board of Directors authorized the repurchase of up to $350 million of the Company's common shares. Following these repurchases from initial investors, the Company will exhaust the currently authorized share repurchase program.
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AXIS Capital Holdings Limited ("AXIS Capital") (NYSE:AXS)
FIRMS
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity of $3.2 billion and locations in Bermuda, the United States, Europe and Singapore. Its operating subsidiaries have been assigned a rating of "A" ("Excellent") by A.M. Best and a rating of "A" ("Strong") by Standard & Poor's. AXIS Capital has been assigned a senior unsecured debt rating of Baa1 (stable) by Moody's Investors Service and BBB+ (stable) by Standard & Poor's. AXIS Capital has been assigned a senior unsecured debt rating of Baa1 (stable) by Moody's Investors Service and BBB+ (stable) by Standard & Poor's.
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