Company: AHL
Filing Date: 2025-06-09
Form Type: 424B5
Source: 0001628280-25-030114
Chunk: 61

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-06-09
Form: 424B5
Chunk 61
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 the notes if we are a PFIC during such U.S. Noteholder’s holding period. We believe that, based on the implementation of our current business plan, we should not be characterized as a PFIC for the current year or the foreseeable future. However, because of legal uncertainties with respect to the interpretation of the PFIC rules and factual uncertainties with respect to our planned operations, there is a risk that we will be characterized as a PFIC in one or more years.

By investing in the notes, holders of the notes agree to treat the notes as indebtedness for U.S. federal income tax purposes, unless otherwise required by applicable law. You are urged to consult your own tax advisors regarding the appropriate characterization of the notes and the tax consequences that would apply to you if the IRS were to successfully assert that the notes are not indebtedness for U.S. federal income tax purposes. The remainder of this discussion assumes that the notes will be treated as indebtedness for U.S. federal income tax purposes.

We may be obligated to pay amounts in excess of the stated interest or principal on the notes or in advance of their scheduled payment dates in certain circumstances, including as described under “ Description of Notes—Payment of Additional Amounts. ” These potential payments may implicate the provisions of Treasury Regulations relating to “contingent payment debt instruments.” According to the applicable Treasury Regulations, certain contingencies will not cause a debt instrument to be treated as a contingent payment debt instrument if such contingencies in the aggregate, as of the date of issuance, are remote or incidental. We believe and intend to take the position that the foregoing contingencies are remote or incidental in the aggregate, and, accordingly, we do not intend to treat the notes as contingent payment debt instruments. Our position that such contingencies are remote or incidental is binding on a Noteholder, unless such Noteholder discloses its contrary position in the manner required by applicable Treasury Regulations. Our position is not, however, binding on the IRS, and if the IRS were to

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successfully challenge this position, a Noteholder may be required to accrue interest income on the notes at a rate in excess of the stated interest rate and to treat any gain realized on the taxable disposition of a note as ordinary income rather than as capital gain. The remainder of this discussion assumes that the notes will not be treated as contingent payment debt instruments. Noteholders are urged to consult their own tax advisors regarding the possible application of the contingent payment debt instrument rules to the notes