ProAssurance holders convert all 3.9% convertibles ahead of redemption

By Devika Patel

Knoxville, Tenn., July 9 - ProAssurance Corp. said that the holders of its $107.6 million in outstanding 3.9% convertible senior debentures due 2023 elected to convert their holdings into a total of 2,572,029 common shares rather than submit them for redemption.

The conversion rate was 23.9037 shares per $1,000 principal amount of the notes, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

As previously reported, the company said on June 2 that it planned to redeem all of the debentures on July 7.

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

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