PMA Capital Corporation, a Philadelphia-based insurance holding company, announced plans to raise $75 million through a convertible senior debenture offering.
The debentures, which will be convertible at the option of the holders into shares of PMA Capital’s Class A common stock, will be due in 2022. The underwriters have been granted an option to purchase an additional $11.25 million principal amount of debentures.
PMA Capital intends to use proceeds from the offering to increase the capital and surplus of its insurance subsidiaries to support expected growth in its reinsurance and insurance operations, and for general corporate purposes.
The offering is being managed by Banc of America Securities LLC (joint-bookrunner) and Credit Suisse First Boston (joint-bookrunner), and is being co-managed by Sandler O’Neill & Partners L.P.
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