Delphi Financial Prices Public Offering of $250 Million of 7.875% Senior Notes due 2020
January 14 2010 - 5:12PM
Business Wire
Delphi Financial Group, Inc. (NYSE: DFG) announced today that it
has priced a registered underwritten public offering of $250
million aggregate principal amount of its 7.875% senior unsecured
notes due 2020. The offering is expected to settle and close on
January 20, 2010, subject to customary closing conditions. Net
proceeds from the offering are expected to be used for general
corporate purposes, including the repayment of corporate debt,
which may include the repayment of debt outstanding under Delphi’s
revolving credit facility.
Banc of America Securities LLC and Wells Fargo Securities, LLC
are the joint book-running managers of the offering. The offering
will be made only by means of a preliminary prospectus supplement
and accompanying base prospectus, copies of which may be obtained
from: Banc of America Securities LLC at 1-800-294-1322 or
dg.prospectus_distribution@bofasecurities.com and Wells Fargo
Securities, LLC at 1-800-326-5897 or
prospectus.specialrequests@wachovia.com. A copy of the preliminary
prospectus supplement and accompanying base prospectus may also be
obtained at no charge at the Securities and Exchange Commission's
website, at www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy notes or any other securities, nor
will there be any sale of the notes in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
In connection with, and because it desires to take advantage of,
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995, Delphi cautions readers regarding certain
forward-looking statements in the foregoing discussion and in any
other statements made by, or on behalf of, Delphi, whether in
future filings with the Securities and Exchange Commission or
otherwise. Forward-looking statements are statements not based on
historical information and which relate to future operations,
strategies, financial results, prospects, outlooks or other
developments. Some forward-looking statements may be identified by
the use of terms such as “expects,” “believes,” “anticipates,”
“intends,” “judgment,” “outlook” or other similar expressions.
Forward-looking statements are necessarily based upon estimates and
assumptions that are inherently subject to significant business,
economic, competitive and other uncertainties and contingencies,
many of which are beyond Delphi’s control and many of which, with
respect to future business decisions, are subject to change.
Examples of such uncertainties and contingencies include, among
other important factors, those affecting the insurance industry
generally, such as the economic and interest rate environment,
federal and state legislative and regulatory developments,
including but not limited to changes in financial services,
employee benefit and tax laws and regulations, changes in
accounting rules or interpretation, market pricing and competitive
trends relating to insurance products and services, acts of
terrorism or war, and the availability and cost of reinsurance, and
those relating specifically to Delphi’s business, such as the level
of its insurance premiums and fee income, the claims experience,
persistency and other factors affecting the profitability of its
insurance products, the performance of its investment portfolio and
changes in Delphi’s investment strategy, acquisitions of companies
or blocks of business, and ratings by major rating organizations of
Delphi and its insurance subsidiaries. These uncertainties and
contingencies can affect actual results and could cause actual
results to differ materially from those expressed in any
forward-looking statements made by, or on behalf of, Delphi.
Forward-looking statements contained in the foregoing discussion
are made as of the date of this press release and Delphi disclaims
any obligation to update these or any other forward-looking
statements.
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