Conyers advised Arch Capital Group Ltd. in connection with a public offering of 20,000,000 Depositary Shares each of which represents a 1/1,000th interest in a 4.550% Non-Cumulative Preferred Share, Series G, of Arch Capital Group Ltd. (the “Series G Preferred Shares”). Proceeds from the offering were used to redeem Arch Capital Group Ltd.’s 5.25% Series E Preferred Shares and for general corporate purposes.
The offer was led by BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC as joint book-running managers.
In particular, Conyers reviewed and commented on the shelf registration statement (S-3) and offering documents as well as the prospectuses forming part of the S-3 of Arch Capital Group Ltd., supported on-shore counsel with the respective SEC filings, provided legal opinions to the underwriters and in connection with the S-3. Further, Conyers assisted with the application to the Bermuda Monetary Authority to have the Series G Preferred Shares approved as Tier 2 basic capital of the insurance group under the Bermuda Insurance (Group Supervision) Rules 2011.
Lawyer Chiara Nannini and associate Sarah Lusher of Conyers’ Bermuda office worked alongside Cahill Gordon & Reindel LLP on the matter.