PMA to buy back convertibles with $10 million note sale proceeds

New York, Oct. 5 - PMA Capital Corp. said it plans to buy back some of its 6.5% senior secured convertible debentures due 2022 in the open market using proceeds from a sale of $10 million of surplus notes.

The surplus notes were issued by subsidiary Pennsylvania Manufacturers' Association Insurance Co. with a Libor plus 450 basis points coupon and mature in 2035.

PMA is a Philadelphia-based property and casualty insurer.

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