ST. PETERSBURG, Fla.--(BUSINESS WIRE)--
United Insurance Holdings Corp. (NASDAQ:UIHC)(UPC Insurance or
the Company), a property and casualty insurance holding company, today
announced the pricing of its previously-announced underwritten public
offering of senior notes due 2027. The notes will be issued in an
aggregate principal amount of $150 million and will bear interest at the
rate of 6.250% per annum. The offering is expected to close on December
13, 2017, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering to redeem
$30 million aggregate principal amount of its floating rate senior notes
due 2026, and the remaining amount for general corporate purposes.
Raymond James & Associates, Inc. and Wells Fargo Securities, LLC will
act as joint book-running managers of the offering.
The Company has filed a shelf registration statement, including a
prospectus, with the U.S. Securities and Exchange Commission (“SEC”) and
the SEC has declared it effective. The offering will be made only by
means of a preliminary prospectus supplement relating to the notes and
the accompanying prospectus, which was filed by the Company with the SEC
today. For additional information regarding the terms of the notes,
please refer to the preliminary prospectus supplement. Interested
parties may obtain copies of the preliminary prospectus supplement and
the accompanying prospectus, and the final prospectus supplement, when
available, from Raymond James & Associates, Inc., 880 Carillon Parkway,
St. Petersburg, Florida 33716 Attn: Prospectus Department, calling:
(800) 248-8863 or emailing: prospectus@raymondjames.com
or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite
1000, Minneapolis, MN 55402 Attn: WFS Customer Service, calling:
toll-free 1-800-645-3751 or emailing: wfscustomerservice@wellsfargo.com
or by visiting the SEC’s website at www.sec.gov.
This press release is for informational purposes only and shall not
constitute an offer to sell or a solicitation of an offer to purchase
any notes and shall not constitute an offer, solicitation or sale in any
state or jurisdiction in which, or to any person to whom, such an offer,
solicitation or sale would be unlawful.
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that
sources, writes and services residential property and casualty insurance
policies using a network of independent agents and a group of wholly
owned insurance subsidiaries. The Company currently writes policies in
Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New
Jersey, New York, North Carolina, Rhode Island, South Carolina and
Texas, and is licensed to write in Alabama, Delaware, Maryland,
Mississippi, New Hampshire, and Virginia. UPC Insurance also has a
commercial residential product in Florida. The Company’s commercial
presence was further expanded by the merger with Florida’s largest
commercial property writer, American Coastal Insurance Company. From its
headquarters in St. Petersburg, UPC Insurance's team of dedicated
professionals manages a completely integrated insurance company,
including sales, underwriting, customer service and claims. UPC
Insurance is a company committed to financial stability and solvency.
Forward-Looking Statements
Statements in this press release that are not historical facts,
including those relating to the closing of the offering and the
anticipated use of proceeds therefrom, are “forward-looking statements”
that are subject to uncertainty.These statements are made
subject to the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements do not
relate strictly to historical or current facts and may be identified by
their use of words such as “may,” “will,” “expect,” "endeavor,"
"project," “believe,” “anticipate,” “intend,” “could,” “would,”
“estimate,” or “continue” or the negative variations thereof or
comparable terminology are intended to identify forward-looking
statements.We believe these statements are based on reasonable
estimates, assumptions and plans. However, if the estimates, assumptions
or plans underlying the forward-looking statements prove inaccurate or
if other risks or uncertainties arise, actual results could differ
materially from those communicated in these forward-looking statements.
Factors that could cause actual results to differ materially from those
expressed in, or implied by, the forward-looking statements may be found
in our filings with the U.S. Securities and Exchange Commission,
including the “Risk Factors” section in our most recent Annual Report on
Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking
statements speak only as of the date on which they are made, and, except
as required by applicable law, we undertake no obligation to update or
revise any forward-looking statement.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171207006275/en/
United Insurance Holdings Corp.
Jessica Strathman, (727)
895-7737
SEC Reporting Manager
jstrathman@upcinsurance.com
or
INVESTOR
RELATIONS:
The Equity Group
Adam Prior, (212)
836-9606
Senior Vice-President
aprior@equityny.com
Source: United Insurance Holdings Corp.