St. Paul Files to Sell $1 Billion in Securities
The St. Paul Companies have filed a registration statement with the SEC to sell up to $1 billion worth of debt and equity securities.
The new offering comes on the heels of some $683 million in previously registered securities which have not yet been sold, bringing the total to just under $1.7 billion.
Under the terms of the registration statements, an offer to the public may be made from time to time for all or a portion of the securities registered for sale. The price is determined at the time of the offer.
The company indicated that it plans to use the proceeds for general corporate purposes, which includes additions to working capital, capital expenditures, repayment of borrowed funds and the repurchase of corporate shares.
Shares in the St. Paul closed at $32.50 on the New York Stock Exchange on Thursday, up 55 cents.
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