Citizens Property Insurance expects to redeem $1.15 billion high-risk account senior secured bonds

By Cristal Cody

Springdale, Ark., March 24 - The Citizens Property Insurance Corp. in Tallahassee, Fla., intends to redeem $1.15 billion of high-risk account senior secured bonds, according to a notice released Monday.

The company expects to redeem the auction-rate bonds in April and May.

The $100 million series 2001A-1 bonds due 2017 will be redeemed on April 29; the $100 million series 2006A-4 bonds due 2020 will be redeemed on April 30; and the $100 million series 2006A-7 bonds due 2023 will be redeemed on April 25.

The company also will redeem $175 million each in the series 2006A-12 bonds due 2018 on May 8; the series 2006A-16 bonds due 2022 on May 19; the series 2006A-18 bonds due 2024 on May 1; and the series 2006A-19 bonds due 2025 on May 5.

The $150 million series 2004A and 2004B bonds also will be redeemed. The series 2004A bonds due 2016 will be redeemed on May 7, and the series 2004B bonds will be redeemed on May 9.

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