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HTH calls $90.9 million 7.5% notes; holders may convert till Nov. 14
By Susanna Moon
Chicago, Oct. 16 - HTH Operating Partnership LP, a subsidiary of Hilltop Holdings Inc., said it plans to redeem all of its $90.9 million outstanding 7.5% senior exchangeable notes due 2025.
The company will purchase the notes at par plus accrued interest up to but excluding the redemption date of Nov. 14, according to a company press release.
Of the outstanding amount, $6.9 million principal amount is held by the company's insurance companies.
Funding for the offer will come from cash on hand.
At any time before the redemption date, holders may exchange their notes into shares of Hilltop common stock at the rate of 73.95 shares per $1,000 principal amount, or about $13.52 per share.
The company's stock (NYSE: HTH) closed at $17.41 on Oct. 15.
U.S. Bank NA (800 934-6802) is the trustee, paying agent and conversion agent.
Hilltop Holdings is a Dallas-based financial holding company. HTH Operating Partnership LP was formerly known as Affordable Residential Communities, LP.
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