Zenith exchanges $40.395 million convertibles for stock, cash

New York, April 26 - Zenith National Insurance Corp. said it exchanged $40.395 million principal amount of its 5.75% convertible senior notes due 2023 for stock and cash in a private transaction.

The investor received 1.6158 million shares in accordance with the terms of the notes and $2.343 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.

On April 22 Zenith said it had exchanged $23.95 million principal amount of the convertibles for 958,000 shares and a $1.389 million cash incentive.

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