TAMPA, Fla., March 14, 2017 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE:HCI) on March 3, 2017 delivered notice to the holders of its outstanding 8% senior notes due January 30, 2020 (NYSE:HCJ) that it will redeem all the notes on April 3, 2017. The redemption price will be 100% of the principal amount of the notes ($25 per note) plus accrued and unpaid interest from January 30, 2017 to the redemption date.
The total outstanding principal amount of the notes is $40.25 million. HCI recently completed a private placement offering of $143.75 million of 4.25% convertible senior notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and, as part of that offering, stated it would use a portion of the proceeds to redeem all the 8% senior notes.
“The convertible debt offering and this redemption are part of our continual efforts to maintain a strong balance sheet so that we may pursue accretive opportunities when they arise,” said HCI Chief Executive Officer Paresh Patel.
The Bank of New York Mellon Trust Company, N.A. will act as paying agent. For additional information interested persons may contact—
Ms. Barbara Salls
Associate Client Service Manager
The Bank of New York Mellon Trust Company, N.A. Corporate Trust
10161 Centurion Parkway North, 2nd Floor
Jacksonville, Florida 32256
Telephone 904-645-1909 | Fax 904-645-1921
barbara.salls@bnymellon.com
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. Its 8% Senior Notes trade on the New York Stock Exchange under the ticker symbol "HCJ." 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 kmitchell@hcigroup.com Investor Relations Contact: Matt Glover or Najim Mostamand Liolios Group, Inc. Tel (949) 574-3860 HCI@liolios.com