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Employers Holdings to offer $150 million 10-year senior notes
By Paul A. Harris
St. Louis, May 2 - Employers Holdings, Inc., plans to raise $150 million via a Rule 144A placement of 10-year senior notes, according to documents filed on Friday with the Securities and Exchange Commission.
The pro forma interest rate on the notes is 8%.
A spokesman for the company declined to furnish any other information when contacted late Friday afternoon by Prospect News.
Proceeds from the notes will be used to partially fund the $193.9 million acquisition of AmCOMP Inc., which is expected to close during the second quarter of 2008.
Employers Holdings is a Reno, Nev.-based provider of worker compensation insurance to U.S. small businesses.
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