GRAND CAYMAN, Cayman Islands, March 11 /PRNewswire/ -- Chandler Insurance
Company, Ltd. (Nasdaq: CHANF), today announced that its subsidiary Chandler
(U.S.A.), Inc. has commenced a private offering under SEC Rule 144A of
$24 million principal amount of senior debentures due 2014. Terms of the
offering will be determined at a later date. The debentures are not being
registered under the Securities Act of 1933 and may not be offered or sold in
the United States absent registration or an applicable exemption from
registration requirements. The proceeds of the offering will be used to repay
existing bank debt, to repay amounts owed by Chandler (U.S.A), Inc. to its
parent, Chandler Insurance (Barbados), Ltd. (which is a subsidiary of Chandler
Insurance Company, Ltd.), and for general corporate purposes.
Chandler Insurance Company, Ltd. is the parent of subsidiary companies
based in Oklahoma. Through its U.S.-based subsidiary National American
Insurance Company (NAICO), Chandler underwrites various lines of commercial
property and casualty insurance including surety bonds and workers
compensation in Oklahoma and surrounding states, principally Texas. The
Company's main areas of concentration include the construction, manufacturing,
oil and gas, wholesale, service and retail industries along with political
subdivisions.
SOURCE Chandler Insurance Company, Ltd.
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CONTACT:
Steve Butler, V.P.-Administration of Chandler
(Cayman), 345-949-8177, Mark Paden, Executive V.P. & CFO, of
Chandler (USA), 405-258-4228; or General Information, Mike
Arneth, 312-640-6734, or e-mail, mga@chi.frbd.com, or
Investors-Media, Paul Scheeler, 312-640-6742, or e-mail,
pas@chi.frbd.com, both of The Financial Relations Board
NOTE TO EDITORS: For further information on Chandler Insurance
toll-free Via fax, dial 800-PRO-INFO, follow the voice menu
prompts and enter the company code 032 on any touch tone phone.
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