New Issue: Hallmark Financial raises $25 million from convertibles

By Sheri Kasprzak

New York, Feb. 2 - Hallmark Financial Services, Inc. said it has concluded a private placement for $25 million.

The company issued subordinated convertible promissory notes to Newcastle Special Opportunity Fund I, LP and Newcastle Special Opportunity Fund II, LP.

The 4% notes mature July 27, 2007 and are initially convertible into 19,531,250 common shares at $1.28 each.

Based in Fort Worth, Texas, Hallmark Financial sells property and casualty insurance.

Issuer:	Hallmark Financial Services, Inc.
Issue:	Subordinated convertible promissory notes
Amount:	$25 million
Maturity:	July 27, 2007
Coupon:	4%
Price:	Par
Yield:	4%
Conversion price:	$1.28
Conversion ratio:	Into 19,531,250 shares
Warrants:	No
Investors:	Newcastle Special Opportunity Fund I, LP and Newcastle Special Opportunity Fund II, LP
Settlement date:	Jan. 27
Stock symbol:	Amex: HAF
Stock price:	$1.77 at close Jan. 27

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