United Fire Group announces completion of debt offering
2024年6月4日 - 5:01AM
United Fire Group, Inc (the “Company” or “UFG”) (NASDAQ: UFCS), a
property and casualty insurance holding company, today announced
that it has successfully completed a placement of $70 million
aggregate principal senior unsecured 9.0% notes due May 31, 2039
(the “Notes”) in a private offering (the “Offering”) with Ares
Management Credit funds as the lead investor. Proceeds from the
Offering will be used to support anticipated growth and for general
corporate purposes.
“We are pleased with the successful execution of this capital
raise,” said UFG President and CEO Kevin Leidwinger. “We appreciate
the investment community’s support of our long-term strategies
intended to deliver sustainable profitable growth.”
Stonybrook Capital, LLC served as the Company’s exclusive
financial advisor in connection with the Offering.
“We are pleased to provide a long-term private capital solution
in support of UFG’s growth initiatives,” said Jeff Hughes, Managing
Director in the Ares Credit Group. “This investment fits squarely
within the Ares Alternative Credit team’s focus on delivering
creative and flexible private credit solutions and represents our
continued focus to partner with the insurance industry.”
The Ares Alternative Credit strategy is one of the largest
investors in asset-based credit managing approximately $36.5
billion in assets under management as of March 31, 2024. The team
invests across the capital structure and seeks opportunities in
specialty finance, lender finance, loan portfolios, equipment
leasing, structured products, net lease, cash flow streams
(royalties, licensing, management fees) and other asset-focused
investments.
The notes were offered and sold in a transaction exempt from the
registration requirements of the U.S. Securities Act of 1933, as
amended (the "Securities Act"), and in the United States only to
persons reasonably believed to be "qualified institutional buyers"
in reliance on the exemption from registration under the Securities
Act provided by Rule 144A and outside the United States to certain
non U.S. persons in offshore transactions in reliance on Regulation
S under the Securities Act.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such state.
About UFG
Founded in 1946 as United Fire & Casualty Company, UFG,
through its insurance company subsidiaries, is engaged in the
business of writing property and casualty insurance.
Through our subsidiaries, we are licensed as a property and
casualty insurer in 50 states, plus the District of Columbia, and
we are represented by approximately 1,000 independent agencies.
A.M. Best Company assigns a rating of "A-" (Excellent) for members
of the United Fire & Casualty Group. For more information about
UFG, visit www.ufginsurance.com.
Contact:
Investor RelationsEmail:
ir@unitedfiregroup.com
Media Inquiries Email:
news@unitedfiregroup.com
Disclosure of Forward-Looking Statements
This release may contain forward-looking statements about our
operations, anticipated performance and other similar matters. The
Private Securities Litigation Reform Act of 1995 provides a safe
harbor under the Securities Act of 1933 and the Securities Exchange
Act of 1934 for forward-looking statements. The forward-looking
statements are not historical facts and involve risks and
uncertainties that could cause actual results to differ from those
expected and/or projected. Such forward-looking statements are
based on current expectations, estimates, forecasts and projections
about the Company, the industry in which we operate, and beliefs
and assumptions made by management. Words such as "expect(s),"
"anticipate(s)," "intend(s)," "plan(s)," "believe(s),"
"continue(s)," "seek(s)," "estimate(s)," "goal(s)," "remain(s)
optimistic," "target(s)," "forecast(s)," "project(s),"
"predict(s)," "should," "could," "may," "will," "might," "hope,"
"can" and other words and terms of similar meaning or expression in
connection with a discussion of future operations, financial
performance or financial condition, are intended to identify
forward-looking statements. These statements are not guarantees of
future performance and involve risks, uncertainties and assumptions
that are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed in such
forward-looking statements. Information concerning factors that
could cause actual outcomes and results to differ materially from
those expressed in the forward-looking statements is contained in
Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K
for the year ended December 31, 2023, filed with the Securities and
Exchange Commission ("SEC") on February 29, 2024. The risks
identified in our Annual Report on Form 10-K and in our other SEC
filings are representative of the risks, uncertainties, and
assumptions that could cause actual outcomes and results to differ
materially from what is expressed in the forward-looking
statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this release or as of the date they are made. Except as required
under the federal securities laws and the rules and regulations of
the SEC, we do not have any intention or obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as required by
law.
United Fire (NASDAQ:UFCS)
過去 株価チャート
から 8 2024 まで 9 2024
United Fire (NASDAQ:UFCS)
過去 株価チャート
から 9 2023 まで 9 2024