HCC ANNOUNCES INTENT TO REDEEM
2 PERCENT CONVERTIBLE NOTES
HOUSTON (September 10, 2007) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC) announced today that
it had notified the trustee for its 2% Convertible Notes of its intent to
redeem the remaining outstanding balance of approximately $170.3 million.
Settlement of the redemption of these Notes, with accumulated interest, is
expected to occur in approximately 30 days.
HCC’s Chief Executive Officer, Frank J. Bramanti commented, “As part of our
active evaluation of our capital structure, our Board of Directors decided
it was appropriate to redeem this convertible issue. The Company will fund
this redemption with an advance under its bank syndicated line of credit.”
Headquartered in Houston, Texas, HCC is a leading international specialty
insurance group with offices across the United States and in Bermuda, Spain,
Ireland and the United Kingdom. HCC has assets exceeding $7.9 billion,
shareholders’ equity of $2.2 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.hcc.com.
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Contact:
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Barney White
HCC Insurance Holdings, Inc.
Telephone: (713) 744-3719
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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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