The New York-based Navigators Group has priced its previously announced equity offering of 3,300,000 shares of its common stock at $34.50 per share. When closed, the offering is expected to generate net proceeds of approximately $108 million.
The Company said it would “use the net proceeds from the offering to make contributions to the capital of one or both of its insurance subsidiaries and for other general corporate purposes.”
Navigators also noted that it has granted the underwriters an option to purchase up to 495,000 additional shares of Company common stock to cover over-allotments.
Credit Suisse First Boston LLC and Keefe, Bruyette & Woods, Inc. are acting as Joint Book-Running Managers of the offering. Co-managers for the offering are J.P. Morgan Securities Inc., Cochran, Caronia & Co. and Sandler O’Neill & Partners, L.P.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and was declared effective on Sept. 30, 2005.
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