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Homeowners Choice, Inc.
HCI, a Florida-based insurance holding company, today announced that it
priced an underwritten public offering of $35 million aggregate principal
amount of 8.00% Senior Notes due 2020. The notes will mature on January 30,
2020, and may be redeemed in whole or in part at any time or from time to time
at the company's option on or after January 30, 2016, at a redemption price
equal to the principal amount redeemed plus accrued and unpaid interest. The
notes will bear interest at a rate of 8.00% per year payable quarterly on
January 30, April 30, July 30 and October 30 of each year, beginning April 30,
2013. The company has granted the underwriters an option to purchase up to an
additional $5.25 million aggregate principal amount of notes to cover
over-allotments, if any.
Homeowners Choice intends to use the net proceeds from this offering for
working capital and general corporate purposes.
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