Selective calls all 1.6155% convertibles

By Jennifer Chiou

New York, Nov. 15 - Selective Insurance Group, Inc. announced the redemption of all of its 1.6155% senior convertible notes due 2032.

The company said it would pay $384.74 per $1,000 of the notes, including a $4.62 call premium, plus accrued interest up to the redemption date of Dec. 27.

The notes are convertible into shares any time before the close of business on Dec. 24 at a conversion rate of 25.9566 shares per note. The conversion price is $14.645 per share.

The bonds were issued on Sept. 24, 2002. Selective sold $100 million of the 30-year discount convertible notes at 38.01 for a yield to maturity of 4.25% and with a 30% initial conversion premium.

Selective is a holding company based in Branchville, N.J., for five property and casualty insurance companies that offer primary and alternative market insurance for commercial and personal risks.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.