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Penn Treaty Extends Debt Exchange Deadline

By Staff Writer

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NU Online News Service, Sept. 27, 2:58 p.m. – Penn Treaty American Corp., Allentown, Pa., says it will give its noteholders an extra week to participate in a debt exchange.

The long-term care insurer has offered to exchange $74.75 million in subordinated convertible notes due in 2003 for the same amount of more senior convertible notes due in 2008.

Penn Treaty has extended the deadline for participation to Oct. 3, from Sept. 26.

Holders had tendered $42 million in notes by the Sept. 26 deadline and notified Penn Treaty of plans to tender another $10 million in notes, Penn Treaty says.