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.
AIG Executive Chair and Former CEO Zaffino Set to Exit for Palantir 
Willis Towers Watson Accuses Lockton of ‘Smash and Grab’ of Construction Team 
Federal Judge Cautions State Farm Against Gambling With Courts 
USI Sues 3 Former Producers After They Allegedly Moved Clients to Howden US 
