Assurant Inc. has closed its public offering of 2,875,000 shares, or $287.5 million aggregate liquidation preference, of its 6.50% series D mandatory convertible preferred stock at a public offering price of $100 per share.
The offering includes the exercise in full by the underwriters of their option to purchase 375,000 additional preferred shares to cover overallotments.
Net proceeds from the sale of the offering will be about $276.7 million, including the proceeds from the underwriters' exercise of their overallotment option, after deducting the underwriting discounts and the estimated offering expenses.
Assurant plans to use the net proceeds from the offering together with proceeds from the issuance of new debts, cash on hand and common stock consideration, to fund its pending acquisition of TWG Holdings Ltd., refinance its existing 2.50% senior notes due 2018 and pay related fees and expenses.
