top of page

Conifer Holdings, Inc. - Exchange Offer - Closing of Offer

Conifer Holdings, Inc. Announces Closing of Exchange Offer

08 AUGUST 2023


Full announcement including disclaimers and offer restrictions available via Source: Conifer Holdings, Inc.


TROY, Mich., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (NASDAQ: CNFR) (“Conifer” or the “Company”), announced today that it has closed its previously announced offer to exchange (the “Exchange Offer”) its outstanding 6.75% Senior Unsecured Notes due 2023 (the “Existing Notes”) for 9.75% Senior Unsecured Notes due 2028 (the “New Notes”) to be issued by the Company. The Exchange Offer expired at 6:00 p.m., New York City time, on August 1, 2023 (the “Expiration Time”).

The Company also is offering up to $25,000,000 in aggregate principal amount of New Notes for cash (the “New Offering”), which are being offered on a reasonable best efforts basis and are still available for purchase. The Company will use the net proceeds of the New Offering to redeem all or a portion of the Existing Notes.


Janney Montgomery Scott and American Capital Partners, LLC served as dealer managers for the Exchange Offer and are serving as placement agents for the New Offering.


Conifer Holdings said it has been informed by the dealer managers and placement agents that, as of the Expiration Time, approximately $6.2 million in aggregate principal amount of the Existing Notes had been tendered in the Exchange Offer, which amount represents approximately 25% of the Existing Notes. Additionally, approximately $1.7 million in aggregate principal amount of the New Notes have been purchased in the New Offering to date.


The New Notes have been issued pursuant to a registration statement on Form S-4 and Form S-1, as amended, including a prospectus, which was filed with the Securities and Exchange Commission (the "SEC") and was declared effective by the SEC. The Company has applied for the New Notes to be listed on the Nasdaq Global Market under the ticker symbol “CNFRZ”."


...


 

Conifer Holdings, Inc. Announces Extension of Exchange Offer

26 JULY 2023


Full announcement including disclaimers and offer restrictions available via Source: Conifer Holdings, Inc.


...


"The Exchange Offer, which was previously scheduled to expire at 5:00 p.m., New York City time, on July 25, 2023, will now expire at 6:00 p.m., New York City time, on August 1, 2023, unless earlier terminated or extended by the Company (such date and time, including any extension, the “Expiration Date”). Any Existing Notes tendered may be withdrawn at any time prior to the Expiration Date, but not thereafter (the “Withdrawal Deadline”). Except for the extension of the Expiration Date and Withdrawal Deadline, all other terms of the Exchange Offer remain in full force and effect. Janney Montgomery Scott and American Capital Partners, LLC are serving as dealer managers for the Exchange Offer and placement agents for the New Offering.


Conifer Holdings said it has been informed by the dealer managers and placement agents that, as of July 25, 2023 at 5:00 p.m., New York City time, approximately $5.2 million in aggregate principal amount of the Existing Notes had been tendered in the Exchange Offer, which amount represents approximately 21.5% of the Existing Notes."


...

 

Conifer Holdings, Inc. Commences Exchange Offer and New Offering of Senior Unsecured Notes

26 JUNE 2023


Full announcement including disclaimers and offer restrictions available via Conifer & SEC (Source: Conifer Holdings, Inc.)


"Troy, MI June 26, 2023 – Conifer Holdings, Inc. (NASDAQ: CNFR) (“Conifer” or the “Company”), today announced that it has commenced an offer to exchange up to $24.4 million aggregate principal amount of its new 9.75% Senior Unsecured Notes due 2028 for up to all of the $24.4 million aggregate principal amount of its currently outstanding 6.75% Senior Unsecured Notes due 2023. The Company is also offering for cash, on a best efforts basis, up to an additional $25 million aggregate principal amount of new 9.75% Senior Unsecured Notes due 2028. "


...


"Q:

WHY IS THE COMPANY DOING THE EXCHANGE OFFER AND NEW OFFERING?


A:

We believe that the Exchange Offer and New Offering are important components of our plan to re-calibrate our capital structure in order to better execute our business strategy. If all outstanding Existing Notes are validly tendered and accepted in the Exchange Offer, the Company does not intend to issue all potential $25 million of New Notes in the New Offering, and may in its sole discretion issue a lower amount of New Notes even if indications of interest for all $25 million are received. However, to the extent that the Exchange Offer is not fully subscribed, the Company intends to use any proceeds from the New Offering to redeem all or a portion of the Existing Notes, to pay other debt obligations, and for general corporate purposes. We have no plans to materially increase our indebtedness as a result of these offerings."


...


Tags:

6 views0 comments

Opmerkingen


bottom of page