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January 27, 2003 at 07:00 PM
NU Online News Service, Jan. 27, 1:30 p.m. – Penn Treaty American Corp., Allentown, Pa., says it now expects to borrow $25 million by issuing notes due in 2008.
Penn Treaty had announced plans to borrow up to $45 million by selling the notes to holders of its common stock and existing notes.
The original offering period for that sale ended Jan. 20. Penn Treaty postponed the offering period expiration date to Jan. 24, and it says it will now try to distribute the notes through a direct sale.
Penn Treaty helped develop the modern LTC insurance market, but it ran into trouble in 2001 because of regulators’ concerns that its LTC insurance sales were outstripping its capital reserves. The company has been working since then to raise capital.
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