NU Online News Service, 10:50 a.m. – U.S.I. Holdings Corporation, an insurance and employee benefits broker in San Francisco, today announced the pricing of its initial public offering of nine million shares of common stock at $10 per share.
Founded in 1994, USI distributes insurance and financial products and services to small and mid-sized businesses. Its common stock is to begin trading today on NASDAQ National Market under the symbol USIH.
The company intends to use the proceeds of the offering to repay its debts, USI says.
The offering was led by Merrill Lynch & Co. and J.P. Morgan Securities Inc. and is comanaged by Credit Suisse First Boston Corporation, Credit Lyonnais Securities (USA) Inc. and Fox-Pitt, Kelton, Inc.