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May 02, 2003 at 08:00 PM
NU Online News Service, May 2, 2003, 5:34 p.m. EDT – UnumProvident Corp., Chattanooga, Tenn., says it has succeeded at raising $1 billion by selling a combination of 45.98 million common shares for $10.875 per share and 20 million “mandatory units” for $25 per unit.
The mandatory units include a coupon that pays 8.25%. Purchasers can convert the units to common stock for $13.27 per unit.
UnumProvident will use the proceeds from the offering to pay off loans and increase the capitalization of its insurance subsidiaries, the company says.
