Zenith exchanges $16 million convertibles for stock, cash

New York, April 29 - Zenith National Insurance Corp. said it exchanged $16 million principal amount of its 5.75% convertible senior notes due 2023 for stock and cash in private transactions with two holders.

For $15.5 million of the notes, one investor received 620,000 shares in accordance with the terms of the notes and $899,000 in cash as an incentive, the Woodland Hills, Calif., property and casualty insurer said in an 8-K filing with the Securities and Exchange Commission.

For $500,000 of the notes, the other investor received 20,000 shares and $29,000 in cash as an incentive.

On April 26, Zenith said it exchanged $40.395 million of the convertibles for 1.6158 million shares and a $2.343 million cash incentive and on April 22 it said it exchanged $23.95 million principal amount of the convertibles for 958,000 shares and a $1.389 million cash incentive.

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