HCC holders convert nearly all 1.3% convertibles ahead of redemption

By Angela McDaniels

Tacoma, Wash., Jan. 11 - HCC Insurance Holdings, Inc. said the holders of $124.6 million principal amount of its $124.7 million of 1.3% convertible notes due 2023 elected to convert their notes into a combination of cash and common stock ahead of the conversion deadline.

The remainder of the notes were redeemed on Dec. 21, according to a company news release. HCC called the convertibles on Nov. 20.

The conversion price was $22.65 per share. The company's stock closed at $27.79 (NYSE: HCC) on Friday.

The Houston-based specialty insurance group said it paid $124.6 million in cash and issued 1,039,903 shares of common stock in connection with the transaction.

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