Max Re Share Offer Price $23.50

Bermuda’s Max Re Capital Ltd. announced that it has entered into an will sell 11,000,000 of its common shares in an underwritten public offering at a price of $23.50 per share. The company announced the offering yesterday (See IJ Website Oct. 11). The price is slightly below the $24.00 range in which Max Re’s shares have been trading recently.

Max Re said: “The aggregate price to the public will be $258.5 million. The net proceeds to the Company are expected to be approximately $246.0 million.”

It also repeated the option offer of 1,650,000 additional common shares that have been granted to Banc of America Securities LLC and Citigroup Corporate and Investment Banking, who are acting as joint book-running managers for the offering.

“All shares are being sold under the Company’s registration statement on Form S-3 (as may be amended or supplemented from time to time) that has been declared effective by the Securities and Exchange Commission,” said the announcement.