Presurance Holdings, Inc. (PRHI): debt financing — Conifer Holdings closes exchange of 6.75% notes for 9.75% notes due 2028; $6.2M tendered (25%)

Presurance Holdings, Inc.

Approximately $6.2M aggregate principal of existing 6.75% notes tendered (25% of outstanding) in exchange offer.
New 9.75% Senior Unsecured Notes due September 30, 2028 issued; interest payable quarterly starting Sep 30, 2023.
Up to $25M of new notes offered for cash; $1.7M purchased to date to redeem existing notes.
New notes will be listed on Nasdaq under ticker symbol CNFRZ.
Janney Montgomery Scott and American Capital Partners acted as dealer managers and placement agents.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Presurance Holdings, Inc. incurred senior notes with Wilmington Trust, National Association at 9.75% per year maturing September 30, 2028.

Instrument: senior notes
Counterparty: Wilmington Trust, National Association
Rate: 9.75% per year
Maturity: September 30, 2028
Event: incurrence

Exact text from the filing

The New Notes bear interest at the rate of 9.75% per year, and interest on the New Notes is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, beginning on September 30, 2023. The New Notes will mature on September 30, 2028.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Presurance Holdings, Inc. entered into Supplemental Indenture with Wilmington Trust, National Association (effective 2023-08-08).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Effective: 2023-08-08

Exact text from the filing

Wilmington Trust, National Association (the “Trustee”), dated September 24, 2018, as supplemented by that certain Second Supplemental Indenture, dated August 8, 2023 (the “Supplemental Indenture,” together with the Base Indenture, the “Indenture”).

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Presurance Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-038603

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