TAMPA, Fla., April 05, 2017 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE:HCI), a holding company primarily engaged in homeowners’ insurance, with operations in reinsurance, real estate and information technology, consummated its previously announced redemption of all its 8% senior notes due January 30, 2020 on April 3, 2017 for a total of $40.8 million, including $554,555 of interest. The senior notes are now retired and no longer trade on the New York Stock Exchange (these notes formerly traded under the ticker symbol “HCJ.”)
HCI funded the redemption using a portion of the proceeds from its $143.75 million 4.25% convertible senior note private placement offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, which was completed on March 3, 2017.
“We are pleased to complete the redemption of the 8% Notes,” said HCI’s chief executive officer, Paresh Patel. “This transaction, along with our recently completed convertible debt offering, provides us with greater flexibility to pursue accretive opportunities and create additional value for our shareholders.”
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, reinsurance, real estate and information technology. The company's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in the state of Florida.
The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 and S&P SmallCap 600 Index. For more information about HCI Group, visit www.hcigroup.com.
Company Contact: Kevin Mitchell, Vice President of Investor Relations HCI Group, Inc. Tel (813) 405-3603 email@example.com Investor Relations Contact: Matt Glover or Najim Mostamand Liolios Group, Inc. Tel (949) 574-3860 HCI@liolios.com