Validus floats at lower end of price range

Bermuda’s Validus Holdings raised net proceeds of about $314m from its initial public offering of 15.2m common shares last month. The company said it would use the proceeds to repay debt and to pay accrued interest under its unsecured credit facility, which the company incurred to fund a portion of the cash purchase of Talbot Holdings, as well as to make a capital contribution to its carrying subsidiary Validus Reinsurance.