Zenith exchanges $23.95 million convertibles for stock, cash

New York, April 22 - Zenith National Insurance Corp. said it exchanged $23.95 million principal amount of its 5.75% convertible senior notes due 2023 for stock and cash in a private transaction.

The investor received 958,000 shares in accordance with the terms of the notes and $1.389 million 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.

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