Selective Insurance Group Inc. of Branchville, N.J. announced it has closed the sale of its 30-year senior convertible note offering, which generated proceeds of about $100 million for the company.
The notes are senior unsecured notes, convertible under certain conditions into shares of Selective common stock, at a conversion price of $29.29, with a yield to maturity of 4.25 percent.
The net proceeds from the note offering have been used in part for an irrevocable trust to provide for certain payment obligations in respect of Selective’s outstanding debt obligations. The company intends to use the remainder of the net proceeds of the offering for general corporate purposes, which may include additions to the capital of the company’s insurance operating subsidiaries.
Was this article valuable?
Here are more articles you may enjoy.
Here’s a List of Gulf Energy Infrastructure Damaged in Iran War 
Florida Mobile Home Insurance Market Still Struggling With Premiums, Coverage 
Lululemon Slips as Texas Announces Probe of ‘Forever Chemicals’ 
IBM Agrees to Pay Government $17 Million in DEI Settlement 
