Homeowners Choice Completes $40 Million Offering of Senior Notes
TAMPA, Fla., Jan 28, 2013 (GLOBE NEWSWIRE via COMTEX) --
Homeowners Choice, Inc. (NYSE:HCI),a Florida-based insurance holding company, has completed an underwritten public offering of $40,250,000 aggregate principal amount of 8.00% senior notes due 2020.
The notes will mature on January 30, 2020, and may be redeemed in whole or in part at any time or from time to time at the company's option on or after January 30, 2016, at a redemption price equal to the principal amount redeemed plus accrued and unpaid interest. The notes bear interest at a rate of 8.00% per year, payable quarterly on January 30, April 30, July 30 and October 30 of each year, beginning April 30, 2013.
Homeowners Choice intends to use the net proceeds from this offering for working capital and general corporate purposes. The company expects the notes to begin trading on the New York Stock Exchange under the ticker symbol "HCJ" on January 31, 2013.
Sterne, Agee & Leach, Inc. acted as sole book-running manager for the offering. Wunderlich Securities, Inc. and Incapital LLC served as co-lead managers and JMP Securities LLC, Gilford Securities Incorporated, J.J.B. Hilliard, W.L. Lyons, LLC and Maxim Group LLC acted as co-managers for the offering.
The offering was made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission.
About Homeowners Choice
Homeowners Choice, Inc. is a Florida-based insurance holding company headquartered in Tampa. Through its subsidiary corporations, Homeowners Choice provides property and casualty homeowners' insurance, condominium owners' insurance and tenants' insurance. The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 Index. Its Series A, cumulative redeemable preferred shares trade on the NASDAQ Capital Market under the ticker symbol "HCIIP." More information about Homeowners Choice is available at www.hcpci.com.
The Homeowners Choice, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/ pkgid=6712
CONTACT: Company Contact:
Jay Madhu, V.P. of Investor Relations
Homeowners Choice, Inc.
Tel (813) 405-3660
Investor Relations Contact:
Matt Glover or Michael Koehler
Liolios Group, Inc.
Tel (949) 574-3860
RFB Communications Group
Tel (813) 259-0345
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