HCC ANNOUNCES CLOSING OF EXCHANGE OFFER
FOR 2.00% CONVERITBLE NOTES DUE 2021
HOUSTON (November 23, 2004) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC)
announced today that HCC’s offer to exchange its outstanding 2.00%
Convertible Notes due 2021 (the “Old Notes”) for 2.00% Convertible Exchange
Notes due 2021 (the “New Notes”) in accordance with the terms of the
exchange offer (the “Offer”) expired at 5:00 p.m., New York City time on
November 23, 2004.
During the offering period, approximately $172,442,000 principal amount of
Old Notes were exchanged for New Notes. HCC has accepted all tendered Old
Notes, and in exchange, will issue a like principal amount of New Notes.
All remaining Old Notes not exchanged in the Offer will remain outstanding.
HCC is an international insurance holding company and a leading specialty
insurance group since 1974, based in Houston, Texas with offices across the
USA and in Bermuda, England and Spain. HCC has assets of more than $5
billion, shareholders’ equity of over $1 billion and is rated AA (Very
Strong) by Standard & Poor’s and A+ (Superior) by A.M. Best Company.
For more information, visit our website at
www.hcch.com.
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Contact:
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L. Byron Way, Vice
President
HCC Insurance Holdings, Inc.
Telephone: (713) 690-7300
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Forward-looking statements contained in this press
release are made under “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 and involve a number of risks
and uncertainties. The types of risks and uncertainties which may
affect the Company are set forth in its periodic reports filed with
the Securities and Exchange Commission. |
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