CLEARWATER, Fla., Dec. 16, 2016 /PRNewswire/ -- Heritage Insurance
Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a
property and casualty insurance holding company, announced today
the closing of its previously announced private placement of senior
secured notes due 2023 with an aggregate principal amount of
$79.5 million. The notes bear annual
interest equal to the three month LIBOR plus 8.75%.
The net proceeds from the offering will be used in opportunistic
M&A, to make strategic investments and for general corporate
purposes.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the notes and shall not constitute
an offer, solicitation or sale of the notes in any jurisdiction in
which such offer, solicitation or sale is unlawful.
About Heritage
Heritage Insurance Holdings, Inc. is a property and casualty
insurance holding company headquartered in Clearwater, Florida. Its subsidiaries,
Heritage Property & Casualty Insurance Company and Zephyr
Insurance Company, write approximately $587
million and $58 million,
respectively, of personal and commercial residential premium
through a large network of experienced agents. The Company is
currently writing property and casualty insurance policies in
Florida, Hawaii, North
Carolina and South
Carolina. Heritage Insurance Holdings, Inc. is led by a
seasoned senior management team with an average of 30 years of
insurance industry experience.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 -- Statements in this press release regarding
Heritage's business that are not historical facts are
"forward-looking statements" that involve risks and uncertainties.
For a discussion of additional risks and uncertainties, which could
cause actual results to differ from those contained in the
forward-looking statements, see Heritage's Securities and Exchange
Commission (SEC) filings, including, but not limited to, the risk
factors in Heritage's Annual Report on Form 10-K for the year ended
December 31, 2015, as filed with the
SEC on March 8, 2016.
Heritage Insurance Holdings Inc.
Investor Contact:
Steve Martindale, CFO
727-362-7203
smartindale@heritagepci.com
or
Melanie Skijus, Investor Relations
Director
727-362-7262
mskijus@heritagepci.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/heritage-insurance-holdings-inc-closes-previously-announced-795-million-private-placement-of-senior-secured-notes-300380012.html
SOURCE Heritage Insurance Holdings, Inc.