Zenith greenshoe exercised, raising convertibles to $125 million

New York, March 21 - Zenith National Insurance Corp. said the underwriters of its recent offering of 5.75% convertible senior notes due 2023 exercised the $15 million over-allotment option, raising the size of the deal to $125 million.

The Woodland Hills, Calif. property and casualty insurer originally sold $110 million of the convertibles after the market close on March 17, pricing them to yield 5.75% with a 29.3% initial conversion premium.

Lead managers for the Rule 144A offering were Banc of America Securities and Merrill Lynch & Co.

Zenith will use proceeds to repay bank debt and for general corporate purposes.

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