Selective Insurance Group Inc. of Branchville, N.J. announced it has closed the sale of its 30-year senior convertible note offering, which generated proceeds of about $100 million for the company.
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.
The net proceeds from the note offering have been used in part for an irrevocable trust to provide for certain payment obligations in respect of Selective’s outstanding debt obligations. The company intends to use the remainder of the net proceeds of the offering for general corporate purposes, which may include additions to the capital of the company’s insurance operating subsidiaries.
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