Selective Insurance Group Inc. of Branchville, N.J. announced the closing of the over-allotment option granted in connection with its previously announced offering of 30-year senior convertible notes due in 2032, which closed on Sept. 24, 2002.
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.
Selective raised approximately $15 million in additional gross proceeds from the over-allotment option exercise. The total offering, including the over-allotment, raised approximately $115 million in gross proceeds.
Was this article valuable?
Here are more articles you may enjoy.
Vehicle Complexity Complicates Auto Valuation, Says JD Power 
Connecticut High Court: Injured Rental Car Occupants Covered for Uninsured Motorist 
Viewpoint: Why Brokers Have Little to Fear and Everything to Gain From AI 
Toilet Paper Warehouse Fire Investigators Review Viral Video 
