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Fortegra Financial closes $125M note offering

Fortegra Financial Corp. has completed the sale of $125 million of 8.50% fixed-rate resetting junior subordinated notes due 2057.

The company said the transaction will reposition its balance sheet, strengthen its positioning with industry rating agencies and generate a source of long-term capital.

Fortegra used all the net proceeds from the offering to repay an existing credit facility, which was terminated.