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Heritage Insurance selling notes in private placement

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Heritage Insurance selling notes in private placement

Heritage Insurance Holdings Inc. entered into a purchase agreement with funds managed by Fermat Capital Management LLC and HSCM Bermuda Management Co., among other financial institutions, for the private placement of $79.5 million of its senior secured notes due 2023.

The notes will bear annual interest equal to the three-month LIBOR plus 8.75% and the transaction is expected to close in the week of Dec. 12.

Heritage plans to use the net proceeds to fund M&A, investments and for general corporate purposes.