PMA buys back $23.3 million 6½% convertibles

By Angela McDaniels

Seattle, Nov. 3 - PMA Capital Corp. said it has purchased 23%, or $23.3 million, of its outstanding 6½% convertible debt.

The purchase was financed through the issuance of $10 million in surplus notes by PMA's specialty business the PMA Insurance Group and a direct purchase.

Of the total, $4.5 million of the convertibles had been bought back by the end of the quarter on Sept. 30 and the remainder were purchased from Oct. 1 through Wednesday.

"During the third quarter we retired a portion of our convertible debt and extended the overall maturity of our existing debt, providing a stronger, more flexible capital base," said Vincent T. Donnelly, president and chief financial officer, in a company press release.

PMA is an insurance holding company headquartered in Blue Bell, Pa.

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