HCI Group 4.25% convertibles due 2037 become convertible July 1

By Marisa Wong

Los Angeles, June 25 – HCI Group, Inc. announced that its 4.25% convertible senior notes due 2037 will become convertible beginning on July 1, according to a news release.

The terms of the notes state that the notes become convertible during a quarter if the share price for 20 trading days during the final 30 trading days of the immediately preceding quarter is greater than 130% of the conversion price.

HCI’s common shares traded above this mark for the 20 trading days from May 27 to June 24. As a result, the notes will become convertible beginning July 1 through Sept. 30.

The current conversion ratio is 16.46 shares of HCI common stock per $1,000 principal amount of notes.

Tampa, Fla.-based HCI owns subsidiaries dealing in homeowners’ insurance, reinsurance, real estate and information technology services.

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