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.
Are ‘Moderate’ Hurricanes Getting Squeezed Out of the Atlantic? 
Chubb Q1 Net Income Increases 74% on Fewer Catastrophe Losses 
Palm Beach Billionaires Feud Over Who’s Really Protecting the Everglades 
Nationwide: Consumers Say Insurance Should Evolve for Micromobility Vehicles 
