Conifer extends exchange offer for 2023 notes to Aug. 1

By Mary-Katherine Stinson

Lexington, Ky., July 26 – Conifer Holdings, Inc. extended its offer to exchange any and all of its outstanding 6.75% senior notes due 2023 for new 9.75% senior notes due 2028, according to an 8-K filing with the Securities and Exchange Commission.

The offer will now expire at 6 p.m. ET on Aug. 1, which was extended from 5 p.m. ET on July 25. Tenders may be withdrawn prior to the extended deadline.

As of the original deadline, approximately $5.2 million, or about 21.5%, in total principal amount of the existing notes have been tendered.

Except for the extension of the deadline and withdrawal date, all other terms of the offer remain unchanged.

As previously reported, the issuer is offering $25 principal amount of new notes for each $25 principal amount of existing notes.

If the exchange offer is not fully subscribed, the company intends to redeem all or a portion of the remaining existing notes using proceeds from a concurrent but separate cash offering of new 9.75% senior notes due 2028. Up to $25 million in principal amount of new notes for cash are being offered on a reasonable best-efforts basis.

Holders of the existing notes are not obligated to tender their notes in the exchange offer in order to participate in the new offering, the company noted.

Janney Montgomery Scott LLC and American Capital Partners, LLC are acting as dealer managers for the exchange offer.

Wilmington Trust, NA (fax 302 636-4139; attn.: workflow management; DTC@wilmingtontrust.com) is the exchange agent.

The company has applied for the new notes to be listed on the Nasdaq under the ticker symbol “CNFRZ.”

The property and casualty insurance company is based in Troy, Mich.

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