United Fire Group (UFCS) has shared an update.
United Fire Group, Inc. successfully completed a private placement of $70 million in senior unsecured notes, due in 2039, to a group of qualified institutional buyers led by Ares Management, LLC. The notes will bolster the company’s insurance subsidiaries, supporting growth and general corporate needs, with interest payments starting late August 2024. The arrangement includes standard representations, warranties, covenants, and events of default, with provisions for early redemption under specific circumstances.
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