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Tiptree unit prices notes offering

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Tiptree unit prices notes offering

Tiptree Inc. unit Fortegra Financial Corp. has priced its privately placed offering of $125 million of 8.50% fixed-rate resetting junior subordinated notes due 2057.

The offering is expected to close Oct. 16. Fortegra will use almost all the net proceeds from the offering to repay its existing credit facility, which will be terminated after that.

Keefe Bruyette & Woods Inc. and RBC Capital Markets LLC are joint book runners for the offering.