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Alleghany greenshoe exercised, raising convertible to $290 million
By Lisa Kerner
Charlotte, N.C., June 23 - Alleghany Corp. said the underwriters of its mandatory convertible preferred stock offering exercised the $30 million over-allotment option in full, raising the deal to $290 million.
The preferred shares priced at $264.60 each after the close on June 19, with a dividend of 5.75% and an initial conversion premium of 18%.
Proceeds will be used to make contributions to the capital and surplus of its insurance operating units, including its subsidiary RSUI Group, Inc., and for general corporate purposes.
Merrill Lynch & Co. acted as bookrunner for the registered deal.
Alleghany is a New York City-based property and casualty insurer.
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