By Devika Patel
Knoxville, Tenn., Jan. 3 – Federated National Holding Co. settled $25 million of 10-year floating-rate senior notes with funds managed by Twelve Capital on Dec. 28 and $20 million of four-year 8.375% senior notes with clients of Athene Asset Management LP on Jan. 2 in a private placement, according to a press release. The deal was announced Dec. 19 and Aon Securities Inc. was the agent for both notes.
The floaters bear interest at Libor plus 700 basis points.
The floaters may be redeemed in whole or in part at 102 in the first two years, 101 in years three through five and at par after year five.
The fixed-rate notes are non-callable.
Proceeds will be used to purchase interests in Monarch Delaware Holdings LLC and repay the related $5 million debt, repurchase company common shares and for general corporate purposes.
The insurance holding company is based in Sunrise, Fla.
| Issuer: | Federated National Holding Co.
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| Issue: | Floating-rate senior notes, fixed-rate senior notes
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| Amount: | $45 million
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| Agent: | Aon Securities Inc.
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| Announced: | Dec. 19
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| Distribution: | Private placement
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| Floaters
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| Amount: | $25 million
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| Maturity: | 10 years
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| Coupon: | Libor plus 700 bps
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| Call: | At 102 in the first two years, 101 in years three through five and at par after year five
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| Investor: | Twelve Capital
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| Settlement date: | Dec. 28
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| Fixed-rate notes
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| Amount: | $20 million
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| Maturity: | Four years
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| Coupon: | 8.375%
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| Call: | Non-callable
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| Investor: | Athene Asset Management LP
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| Settlement date: | Jan. 2
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