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Hilltop Holdings to redeem all $90.9 million of 7.5% exchangeable notes
By Jennifer Chiou
New York, Oct. 17 - Hilltop Holdings, Inc. has elected to call its $90.9 million of outstanding 7.5% senior exchangeable notes due 2025, according to an 8-K filing with the Securities and Exchange Commission.
This follows the company's stock exceeding $17.58 for at least 20 trading days in any consecutive 30-trading day period. Its shares (NYSE: HTH) closed at $17.27 at the close on Thursday.
The company said that the notes are exchangeable into Hilltop shares at a rate of 73.95 shares per $1,000 principal amount of notes, or about $13.52 per share.
U.S. Bank NA is the trustee.
Of the outstanding amount, $6.9 million is held by the issuer's insurance company subsidiaries.
Hilltop Holdings, through its subsidiary, Nlasco, Inc., operates as a property and casualty insurance company in the United States. The company is based in Dallas.
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