HCC INSURANCE HOLDINGS, INC.
Announces Withdrawal of $300 Million Senior Notes Offering
HOUSTON (September 21, 2007) . . .
HCC Insurance Holdings, Inc. (NYSE symbol: HCC) today announced that
due to difficult capital market conditions it has decided to withdraw its
proposed offering of $300 million in aggregate principal amount of senior
notes.
Frank Bramanti, Chief Executive Officer of HCC, said, “The withdrawal of
this offering will have no effect on the previously announced redemption of
our outstanding 2.00% notes nor on our on-going operations as our cash-flow
from operations and bank line of credit are sufficient to satisfy our
needs.”
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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