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February 06, 2003 at 07:00 PM
NU Online News Service, Feb. 6, 3:01 p.m. – Penn Treaty American Corp., Allentown, Pa., says it believes it has attracted the capital it needs by lowering the price lenders must pay to convert notes into stock.
Penn Treaty says it now has firm commitments from investors willing to lend it $32 million through note purchases and discussions lined up with other potential lenders.
The notes pay an annual interest rate of 6.25% and are due in 2008.
Penn Treaty obtained the note commitments by lowering the price holders will have to pay to convert new notes into stock to $1.75 per share, from $2.50 per share, and the conversion price for similar, existing notes to $1.75 per share, from $4.50 per share.
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 raised enough capital to go back into business in many states, but Florida regulators want it to add even more capital.
If the deals come through, Penn Treaty should have enough capital to meet Florida capital requirements and pay all of its debts for at least 12 months, the company says.
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