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Conifer exchanges $6.2 million 2023 notes for 2028 notes
By Wendy Van Sickle
Columbus, Ohio, Aug. 8 – Conifer Holdings, Inc. exchanged about $6.2 million of notes under 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 a news release.
The offer expired at 6 p.m. ET on Aug. 1, after having been extended from 5 p.m. ET on July 25. Tenders may be withdrawn prior to the extended deadline.
The amount of notes exchanged represents about 25% of the existing notes.
As of the original deadline, about $5.2 million, or about 21.5%, in total principal amount of the existing notes had been tendered.
The issuer offererd $25 principal amount of new notes for each $25 principal amount of existing notes.
The company previously said that if the exchange offer was not fully subscribed, it intended 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. About $1.7 million of new notes have been purchased in that offer as of Tuesday.
Holders of the existing notes were not obligated to tender their notes in the exchange offer in order to participate in the new offering, the company noted. The tender offer and offering were announced on June 26.
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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