AXIS Completes $350 M Investors' Shares Buyback
NU Online News Service, Feb. 14, 11:59 a.m. EST?Bermuda-based AXISCapital Announces $350M Share RepurchaseNU Capital Holdings Limited announced today that it will close Wednesday on the repurchase of $350 million worth of stock owned by the insurer's initial investors.[@@]
AXIS said the repurchase of 12,783,094 common shares will be made using existing cash on hand.
The repurchase involves $300 million of common shares owned by Blackstone Capital Partners III and related entities and $50 million of shares owned by DLJ Merchant Banking Partners III and related entities.Blackstone and DLJ each purchased $200 million worth of shares in November of 2001 at approximately $12.50 per share.
AXIS said the average purchase price agreed to was $27.38 per common share, representing a 3.9 percent discount to last Friday's reported closing price.
AXIS Capital's board authorized the repurchase in December 2004. Following Wednesday's closing the company will exhaust the currently authorized share repurchase program.
AXIS Capital is a 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.
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