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24 March 2018

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Heritage prices $125mn private debt offering

11 August 2017

Heritage Insurance Holdings announced yesterday that it was seeking to raise $125mn of debt from a private offering to help finance its $250mn acquisition of Rhode Island-based insurer Narragansett Bay.

Heritage said it would fund the acquisition with $210mn in cash and $40mn of its stock.

The notes, due in 2037, are being offered according to 144A rules and will be guaranteed by Heritage MGA, a subsidiary of the company and managing general agent.

Interest will be payable semi-annually in...

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