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February 07, 2003 at 07:00 PM
NU Online News Service, Feb. 7, 3:52 p.m. – Penn Treaty American Corp., Allentown, Pa., says investors have committed to lending it about $38 million by buying notes due in 2008.
The notes pay an interest rate of 6.25%, and holders will have the right to convert them into common stock for $1.75 per share.
Penn Treaty is hoping to collect the $38 million and issue the notes Feb. 12.
Penn Treaty wants to use the cash to increase its liquidity, increase its insurance subsidiaries’ statutory surplus and pay off some notes due later this year.
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 been working since then to increase its capital level.
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