HCC INSURANCE HOLDINGS, INC.
ANNOUNCES
$300 MILLION SENIOR NOTES OFFERING
HOUSTON (September 19, 2007) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC) today
announced that it intends to commence an offering of $300 million in
aggregate principal amount of senior notes due 2017. The notes will be
unsecured and unsubordinated obligations of HCC. The notes will be offered
to qualified institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”) and outside the United States
pursuant to Regulation S under the Securities Act.
The Company plans to use the net proceeds of the offering primarily to
redeem its 2.00% convertible notes due 2021 and to repay indebtedness under
its bank line, with the remainder for general corporate purposes.
The notes will not be registered under the Securities Act or any state
securities laws and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements
of the Securities Act and applicable state laws.
This press release shall not constitute an offer to sell or a solicitation
of an offer to purchase any of these securities, and shall not constitute an
offer, solicitation or sale in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful. This press release is being
issued pursuant to and in accordance with Rule 135c under the Securities
Act.
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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