Ceres Stock Sales Raises $51.5 Million

NU Online News Service, Dec. 28, 12:05 p.m. – Ceres Group Inc., Cleveland, says it has raised $51.5 million by completing a previously announced sale of 16.1 million shares of common stock.

The investment banks on the underwriting team will split $5 million of the proceeds, Ceres says.

Ceres was already a publicly traded company before the stock offering, but it says it decided to raise cash by selling more stock to repay a portion of its bank debt, repurchase its convertible voting preferred stock, contribute to the capital of its insurance subsidiaries, and increase its level of working capital.