Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Health Insurance

Penn Treaty Shareholders Approve Note Sale

Your article was successfully shared with the contacts you provided.

NU Online News Service, March 16, 2004, 4:32 p.m. EST – Penn Treaty American Corp., Allentown, Pa., says shareholders have approved the sale of $16 million in convertible notes due in 2008.[@@]

The notes pay an interest rate of 6.25%.

Penn Treaty wants to use the cash to increase its liquidity and support its insurance subsidiaries’ anticipated sales growth.

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 rebuild its operations and increase its capital level.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.