Alabama-based Infinity Property and Casualty Corporation, a national provider of personal automobile insurance with an emphasis on non-standard auto insurance, announced that the secondary offering of 7,850,465 shares of its common stock by American Financial Group, Inc. (“AFG”) has been priced at $30.50 per share. In addition, Infinity has granted the underwriters an option to purchase up to an additional 1,177,569 shares of common stock to cover over-allotments, if any.
Infinity will not receive any of the proceeds from the sale of the shares by AFG. Fifty percent of the proceeds from the sale of shares, if any, from the exercise of the underwriters’ over-allotment option will be used by Infinity to repay debt under its term loan. The remaining proceeds will be used for general corporate purposes.
The offering is expected to close on Dec. 17, 2003. Credit Suisse First Boston, Merrill Lynch & Co. and UBS Investment Bank are acting as joint book-running managers. Co-managers for the offering are Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Morgan Keegan & Company, Inc.
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