Argo Group’s $150 Million Depositary Shares Offering

Willkie advised the underwriters in the transaction.

Argo Group International Holdings, Ltd. executed the issuance of $150 million depositary shares each representing a 1/1,000th interest in a share of its 7.00% Resettable Fixed Rate Preference Shares, Series A.

Argo intends to use the net proceeds from the offering to repay its term loan, which has $125 million principal remaining outstanding, and for working capital to support continued growth in Argo’s insurance operations.

Wells Fargo Securities, BofA Securities, Morgan Stanley, UBS Investment Bank and J.P. Morgan acted as underwriters for the offeing.

Argo Group International Holdings, Ltd. (NYSE: ARGO) is an underwriter of specialty insurance and reinsurance products in the property and casualty market.

The Willkie team for the underwriters was led by Michael Groll (Picture) and Matthew Stern and included David Griffiths and Casey Kelly, with additional assistance from Elizabeth Gray.

Involved fees earner: David Griffiths – Weil, Gotshal & Manges; Elizabeth Gray – Willkie Farr & Gallagher; Michael Groll – Willkie Farr & Gallagher; Casey Kelly – Willkie Farr & Gallagher; Matthew Stern – Willkie Farr & Gallagher;

Law Firms: Weil, Gotshal & Manges; Willkie Farr & Gallagher;

Clients: Bank of America Securities; J.P. Morgan Securities LLC; Morgan Stanley; UBS Investment Bank; Wells Fargo Securities;

Author: Ambrogio Visconti