St. Paul says $57.75 million greenshoe exercised, raising convertibles offering to $442.75 million

New York, July 29 - The St. Paul Cos. said the underwriters of its recent offering of 9% equity units exercised the over-allotment option in full, raising the size of the deal by $57.75 million to $442.75 million.

The St. Paul, Minn. insurance and asset management company also said the greenshoe was exercised on its simultaneous stock offering, adding 2.325 million more shares being sold for a total of 17.825 million.

St. Paul originally sold the equity units after the market close on July 25, pricing $385 million of the three-year mandatory convertibles at par of $50 to yield 9.0% with a 20% initial conversion premium. Joint bookrunners were Merrill Lynch & Co. and Salomon Smith Barney.

The convertibles will be listed on the New York Stock Exchange under the symbol SPC Pr E.

Proceeds are earmarked for contributions of capital to its insurance underwriting subsidiaries, with any in excess of $750 million from the two offerings to be used for general corporate purposes.

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