FWP
Filed
pursuant to Rule 433
File Number 333-129214
Aspen Insurance
Holdings Limited
$200,000,000
Perpetual
PIERS
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| Managing Underwriters: | |
LEH | ||||
| Amount: | |
$200,000,000 | ||||
| Security Offered: | |
Perpetual PIERS | ||||
| Issuer: | |
Aspen Insurance Holdings Limited | ||||
| Underlying (Ticker): | |
AHL | ||||
| PIERS ticker: | |
AHLPR | ||||
| Issue Price: | |
$50.00 | ||||
| Dividend Rate: | |
5.625%, non-cumulative, payable in cash or ordinary shares valued at 97% of market | ||||
| Conversion Ratio: | |
1.7077 | ||||
| Conversion Premium: | |
22.0% | ||||
| Stock Price at Issue: | |
$24.00 | ||||
| Conversion Price: | |
$29.28 | ||||
| Liquidation Preference: | |
$50.00 | ||||
| Maturity: | |
Perpetual | ||||
| Conversion Consideration: | |
For each share, a nonconvertible perpetual preference share with a $50 liquidation preference and, to the extent the conversion value exceeds $50, ordinary shares, if any. | ||||
| Fundamental Change Protection: | |
Adjustment to conversion rate for any fundamental change | ||||
| Mandatory Conversion: | |
At the company's option, after January 1, 2009 if stock price equals or exceeds 130% of conversion price, or if there are less than 500,000 PIERS outstanding, into $50 cash plus ordinary shares, if any. | ||||
| Call Feature: | |
None | ||||
| Puts: | |
None | ||||
| 1st Dividend: | |
April 1, 2006 | ||||
| Dividend Payment Dates: | |
January 1, April 1, July 1 and October 1 | ||||
| Increase to Conversion
Rate Upon Certain Events: |
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9.00% | ||||
| Spread
to LIBOR Upon a Failed Remarketing: |
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454 bps | ||||
| Conversion Rate Cap: | |
2.0833 | ||||
| Trade Date: | |
December 6, 2005 | ||||
| Settlement Date: | |
December 12, 2005 | ||||
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| Adjustment
to Conversion Rate upon a Fundamental Change: |
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Ordinary Share Price | |||||||||||||||||||||||||||||||||||||||||||||||
| Effective Date: | |
$24.00 | |
$30.00 | |
$35.00 | |
$40.00 | |
$45.00 | |
$50.00 | |
$55.00 | |
$ | 60.00 | |
$ | 65.00 | |
$ | 70.00 | |
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| 12/12/2005 | |
0.3756 | |
0.2190 | |
0.1497 | |
0.1099 | |
0.0861 | |
0.0707 | |
0.0600 | |
0.0566 | |
0.0538 | |
0.0512 | |
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| 01/01/2007 | |
0.3649 | |
0.1969 | |
0.1236 | |
0.0847 | |
0.0640 | |
0.0520 | |
0.0442 | |
0.0421 | |
0.0403 | |
0.0386 | |
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| 01/01/2008 | |
0.3558 | |
0.1727 | |
0.0897 | |
0.0505 | |
0.0350 | |
0.0281 | |
0.0241 | |
0.0232 | |
0.0224 | |
0.0216 | |
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| 01/01/2009 | |
0.3543 | |
0.1598 | |
0.0513 | |
0.0000 | |
0.0000 | |
0.0000 | |
0.0000 | |
0.0000 | |
0.0000 | |
0.0000 | |
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| Thereafter | |
0.3543 | |
0.1598 | |
0.0513 | |
0.0000 | |
0.0000 | |
0.0000 | |
0.0000 | |
0.0000 | |
0.0000 | |
0.0000 | |
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If the ordinary share price is: | |||||
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• in excess of $70.00 per ordinary share (subject to adjustment), no additional ordinary shares will be issued upon conversion; | |||||
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• less than $24.00 per share (subject to adjustment), no additional ordinary shares will be issued upon conversion. | |||||
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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-443-0892.