ProAssurance gets board OK to call 3.9% convertibles

By Angela McDaniels

Tacoma, Wash., May 22 - ProAssurance Corp. said its board of directors authorized the redemption of the company's $107.6 million of 3.9% convertible senior debentures due 2023.

The convertibles can be redeemed beginning July 7 at par plus accrued interest, according to a company news release.

The conversion rate is 23.9307 shares per $1,000 principal amount of convertibles, which equals a conversion price of $41.78 per share.

Conversions can be settled in cash, stock or a combination of the two. ProAssurance said it intends to settle any conversions in stock, but its plans could change as it nears the redemption date.

ProAssurance provides medical professional liability insurance and is based in Birmingham, Ala.

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