United Insurance Holdings Corp. Announces Public Offering of Senior Notes
December 07 2017 - 9:40AM
Business Wire
United Insurance Holdings Corp. (NASDAQ: UIHC) (UPC Insurance or
the Company), a property and casualty insurance holding company,
today announced that it intends to offer senior notes due 2027 in
an underwritten public offering, subject to market and other
conditions. The Company intends to use the net proceeds from the
offering to redeem $30 million aggregate principal amount of
its floating rate senior notes due 2026, and the remaining amount
for general corporate purposes. The principal amount and other
terms of the notes will be determined at the time of the pricing of
the offering.
Raymond James & Associates, Inc. and Wells Fargo Securities,
LLC will act as joint book-running managers of the offering.
The Company has filed a shelf registration statement, including
a prospectus, with the U.S. Securities and Exchange Commission
(“SEC”) and the SEC has declared it effective. Today the Company
will file with the SEC a preliminary prospectus supplement related
to the notes. Interested parties may obtain copies of the
preliminary prospectus supplement and the accompanying prospectus,
and the final prospectus supplement, when available, from Raymond
James & Associates, Inc., 880 Carillon Parkway, St. Petersburg,
Florida 33716 Attn: Prospectus Department, calling: (800) 248-8863
or emailing: prospectus@raymondjames.com or Wells Fargo Securities,
LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402 Attn:
WFS Customer Service, calling: toll-free 1-800-645-3751 or
emailing: wfscustomerservice@wellsfargo.com, or by visiting the
SEC’s website at www.sec.gov.
This press release is for informational purposes only and shall
not constitute an offer to sell or a solicitation of an offer to
purchase any notes and shall not constitute an offer, solicitation
or sale in any state or jurisdiction in which, or to any person to
whom, such an offer, solicitation or sale would be unlawful.
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company
that sources, writes and services residential property and casualty
insurance policies using a network of independent agents and a
group of wholly owned insurance subsidiaries. The Company currently
writes policies in Connecticut, Florida, Georgia, Hawaii,
Louisiana, Massachusetts, New Jersey, New York, North Carolina,
Rhode Island, South Carolina and Texas, and is licensed to write in
Alabama, Delaware, Maryland, Mississippi, New Hampshire, and
Virginia. UPC Insurance also has a commercial residential product
in Florida. The Company’s commercial presence was further expanded
by the merger with Florida’s largest commercial property writer,
American Coastal Insurance Company. From its headquarters in St.
Petersburg, UPC Insurance's team of dedicated professionals manages
a completely integrated insurance company, including sales,
underwriting, customer service and claims. UPC Insurance is a
company committed to financial stability and solvency.
Forward-Looking Statements
Statements in this press release that are not historical facts,
including those relating to the proposed offering and the
anticipated use of proceeds therefrom, are “forward-looking
statements” that are subject to uncertainty. These statements are
made subject to the safe-harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements do not relate strictly to historical or current facts
and may be identified by their use of words such as “may,” “will,”
“expect,” "endeavor," "project," “believe,” “anticipate,” “intend,”
“could,” “would,” “estimate,” or “continue” or the negative
variations thereof or comparable terminology are intended to
identify forward-looking statements. We believe these statements
are based on reasonable estimates, assumptions and plans. However,
if the estimates, assumptions or plans underlying the
forward-looking statements prove inaccurate or if other risks or
uncertainties arise, actual results could differ materially from
those communicated in these forward-looking statements. Factors
that could cause actual results to differ materially from those
expressed in, or implied by, the forward-looking statements may be
found in our filings with the U.S. Securities and Exchange
Commission, including the “Risk Factors” section in our most recent
Annual Report on Form 10-K and subsequent Quarterly Reports on Form
10-Q. Forward-looking statements speak only as of the date on which
they are made, and, except as required by applicable law, we
undertake no obligation to update or revise any forward-looking
statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20171207005703/en/
United Insurance Holdings Corp.Jessica Strathman,
727-895-7737SEC Reporting
Managerjstrathman@upcinsurance.comorInvestor
Relations:The Equity GroupAdam Prior, 212-836-9606Senior
Vice-Presidentaprior@equityny.com
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