From: jeffrey E. <jeevacation@gmail.com>
Sent: Tuesday, March 8, 2016 4:13 PM
To: Richard Kahn
Subject: Re: New Issue $25 Par. AmTrust Financial Services (AFSI) Non-Cumulative Perpetual
Preferred Stock; 7.75% - 7.875% Fixed for Life
cash flow?
On Tue, Mar 8, 2016 at 10:47 AM, Richard Kahn
wrote:
attached was sent from both Morgan =tanley and Wells Fargo
please advise
thank you
Richard Kahn
HBRK Associates Inc.
New York, NY 10022
fax 646-350-0954 <tel:646-350-0954>
Begin forwarded message:
<=iv style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:=px">From: "Atla=, Andrew
S" <Andrew.Atlas@morganstanley.com <mailto:Andrew.Atlas@morganstanley.com»
Subject: New Issu= $25 Par: AmTrust Financial Services (AFSI) Non-Cumulative Perpetual Prefe=red
Stock; 7.75% - 7.875% Fixed for Life
Date: March 8, 2016 at 10:13=33 AM EST
To: qspan>"Richard Kahn a"
Good Morning Rich,
EFTA_R1_01581122
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Want to show SIC another new i=sue preferred that Morgan Stanley is pricing today.
Details:
$25 Par New Issue Syndi=ate Offering:
AmTrust Financial Services (AFSI)</=>
40=A0 =C240
Issuer: Q=A0 AmTrust Financial Servi=es (Ticker: AFSI)
=C24 Q=A0
Securities Offered: 4>=A0 Depositary Shares, Each Representing 1/40th of a Share of _% Non-
=umulative Preferred Stock, Series E.
=C* 40=A0
Size: =C240 $7=mm (3mm $25 par shares)
=C* 40=A0
Expected Ratings: =C* Am Best bb+
Maturity: 40=A0 =C* Perpetua=
4,>=A0 =C240
Price Talk: =C* 4ii=A0 7.75% - 7.875%
=C* 4>=A0
Offer Price: =C* 4>=A0 $25.00
=C* 4)=A0
Dividends: =C* Q=A0 Payable when, as and if declared on the 15th of March= June,
September and December beginning on 6/15/16, Fixed for life =C* 4,>=A0
=C* 40=A0
Optional Redemption: Callable at par on or after 3/xx/=021
=C2. 40=t1/40
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Use of Proceeds: =C2* General corporate purposes, which may includ= working capital, capital
expenditures and/or strategic acquisitions
=C24> 4>=A0
DRD/QDI Eligible: =C24, Yes, See Red for tax and withholding details
Sub=ect to US Tax Withholding for NRA Clients: =C2* 4)=.40 =Yes*
=C2* 40=A0
Expected Listing: =C24> NYSE
Timing: 4>=A0 =C240 Today'= Business
Speak soon,
Andrew<=u>
Andrew S. Atlas
First Vice President
Equi=y Sales/Middle Markets Group
Financial Advisor
Morgan Stanley=Wealth Management
1290 Avenue of the Americas, 12th Floor I New York, NY 10104
Fax: +1 212 705 4592
<tel:%2B1%20212%20705%2045=2>
=span style="font-size:9.0ptcolor:#595959">NMLS ID U 1326736
Important Notice to Recipients:
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