Bermuda re/insurer Maiden Holdings Ltd is aiming to raise $150 million through the sale of preferred shares.The $25 non-cumulative preferred shares will offer investors a yield of 8.25 percent and are not scheduled to be redeemed for at least five years.In a statement Maiden said it intended to use the proceeds from the offering for the development of its reinsurance business and the repurchase of common and other shares.The company said its board of directors had authorised management, at its discretion, to buy back common shares with a value of up to 50 percent of the net proceeds of the offering.Maiden said it may also use some of the money to repurchase more expensive debt, namely the company’s outstanding 14 percent 30-year trust preferred securities (TRUPS) issued in January 2009.“The company presently has no plans to repurchase a portion of the outstanding TRUPS with these proceeds prior to January 20, 2014 and, pending its use, expects to invest such net proceeds in marketable fixed income securities and short term investments,” Maiden said.Maiden intends to apply to list the preferred shares for trading on the New York Stock Exchange under the ticker symbol MHPRA.