Selective Insurance Group Inc. of Branchville, N.J. announced the closing of the over-allotment option granted in connection with its previously announced offering of 30-year senior convertible notes due in 2032, which closed on Sept. 24, 2002.
The notes are senior unsecured notes, convertible under certain conditions into shares of Selective common stock, at a conversion price of $29.29, with a yield to maturity of 4.25 percent.
Selective raised approximately $15 million in additional gross proceeds from the over-allotment option exercise. The total offering, including the over-allotment, raised approximately $115 million in gross proceeds.
Was this article valuable?
Here are more articles you may enjoy.
Undercover St. Louis Officer Beaten by Colleagues Awarded $23.5M 
AIG General Insurance Chairman McElroy to Retire May 1 
Trump’s Bond Insurer Tells Judge Shortfall Is ‘Inconceivable’ 
FBI Says Chinese Hackers Preparing to Attack US Infrastructure 
