By Wendy Van Sickle
Columbus, Ohio, March 5 – FedNat Holding Co. closed a private placement of $100 million of 7˝% senior unsecured notes due 2029, according to a press release.
Raymond James & Associates, Inc. acted as placement agent.
Proceeds from the deal will be used to redeem $45 million of the company’s senior notes due 2022 and 2027, for the cash component of the consideration payable in connection with the company’s purchase of interests in Maison Insurance Co., Maison Managers, Inc. and ClaimCor LLC and for general corporate purposes.
The insurance holding company is based in Sunrise, Fla.
| Issuer: | FedNat Holding Co.
|
| Amount: | $100 million
|
| Description: | Senior unsecured notes
|
| Maturity: | 2029
|
| Coupon: | 7˝%
|
| Placement agent: | Raymond James & Associates, Inc.
|
| Settlement date: | March 5
|
| Distribution: | Private placement
|
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