Argo Group International Holdings, Inc. announces the full redemption of outstanding depositary shares representing interests in its 7.00% Resettable Fixed Rate Preferred Stock, Series A, and the full redemption of Argo Group US, Inc.'s outstanding 6.500% Senior Notes due September 15, 2042.
The Company will redeem all outstanding shares of its Series A Preferred Stock and corresponding Depositary Shares, as well as redeeming Argo Group US, Inc.'s Senior Notes.
The redemption will take place on September 15, 2025, marking a significant financial event for Argo Group International Holdings, Inc.
Redemption Details
The redemption includes 6,000 outstanding shares of 7.00% Resettable Fixed Rate Preferred Stock, Series A, and $143.75 million of Argo US, Inc.'s 6.500% Senior Notes.
Redemption Price
The redemption price for Depositary Shares is $25.00 per share of Series A Preferred Stock, plus unpaid dividends and quarterly dividends.
Redemption Process
The Depositary Shares will be redeemed through The Depository Trust Company (DTC) and processed by Equiniti Trust Company, LLC, the Company's redemption agent.
- This announcement signifies Argo Group International Holdings' strategic decision to streamline its financial obligations and potentially improve its financial position.
- The redemption of outstanding shares and Senior Notes may impact the Company's balance sheet and capital structure, leading to a more efficient financial profile.
In conclusion, the full redemption of outstanding depositary shares and Senior Notes by Argo Group International Holdings, Inc. demonstrates the company's proactive approach to managing its financial commitments.