Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 167

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 8
Chunk 167
---
 Maiden Holdings North America, Ltd. ("Maiden NA") had outstanding publicly-traded senior notes which were issued in 2013 ("2013 Senior Notes") (collectively "Senior Notes"). The 2013 Senior Notes issued by Maiden NA are fully and unconditionally guaranteed by Maiden Holdings. The Senior Notes are unsecured and unsubordinated obligations of the Company. The following tables detail the issuances of Senior Notes outstanding at March 31, 2025 and December 31, 2024:    March 31, 20252016 Senior Notes2013 Senior NotesTotalPrincipal amount$110,000 $152,361 $262,361 Less: unamortized issuance costs3,263 4,300 7,563 Carrying value$106,737 $148,061 $254,798 December 31, 20242016 Senior Notes2013 Senior NotesTotalPrincipal amount$110,000 $152,361 $262,361 Less: unamortized issuance costs3,280 4,324 7,604 Carrying value$106,720 $148,037 $254,757 Other details:Original debt issuance costs pertaining to remaining outstanding principal amount$3,715 $5,049 Maturity dateJune 14, 2046December 1, 2043Earliest redeemable date (for cash)June 14, 2021December 1, 2018Coupon rate6.625 %7.75 %Effective interest rate7.07 %8.04 %Total interest and amortization expense incurred on the Senior Notes for the three months ended March 31, 2025 was $4,818 (2024: $4,815), of which $1,342 was accrued as interest payable at both March 31, 2025 and December 31, 2024, respectively. The issuance costs related to the Senior Notes were capitalized and are amortized over the effective life of the Senior Notes using the effective interest method of amortization.Under the terms of the 2013 Senior Notes, the 2013 Senior Notes can be redeemed, in whole or in part, at Maiden NA's option at any time and from time to time, until maturity at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued but unpaid interest on the principal amount being redeemed to, but not including, the redemption