HCC notes remain convertible in third quarter

By Devika Patel

Knoxville, Tenn., July 3 - HCC Insurance Holdings, Inc. announced that, based on its share performance during the second quarter, its 2.0% convertible notes due 2021 and its 1.3% convertible notes due 2023 may be converted into shares during the third quarter.

The conversion opportunity arose after HCC's common stock exceeded both $25.60 and $29.45, the specified price targets for the 2.0% notes and 1.3% notes, respectively, for at least 20 trading days of the 30 consecutive trading day period ended on the last day of the previous quarter.

HCC's stock closed at $ 33.41 on Friday, the last trading day of the second quarter.

The conversion agent is U.S. Bank Corporate Trust Services in Houston.

Based in Houston, HCC is a specialty insurance group.

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