GRAND CAYMAN, Cayman Islands, July 16 /PRNewswire/ -- Chandler Insurance
Company, Ltd., (Nasdaq: CHANF), today announced that its subsidiary Chandler
(U.S.A.), Inc. has completed a public offering of $24 million principal amount
of senior debentures with a maturity date of July 16, 2014.
The debentures were priced at $1,000 each with an interest rate of 8.75%
and are redeemable by Chandler (U.S.A.), Inc. or after July 16, 2009 without
penalty or premium. The debentures have been approved for listing on the
American Stock Exchange. Standard & Poor's has assigned the debentures a
rating of "BBB."
The proceeds to Chandler (U.S.A.), Inc. before expenses but after the
underwriter's discount were $23.16 million. The proceeds of the offering were
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 Insurance 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.
For further information on Chandler Insurance toll-free via fax, dial
1-800-PRO-INFO, follow the voice menu prompts and enter the company code 032
on any touch tone phone, or visit the Chandler page on FRB's web site at
http://www.frbinc.com .
SOURCE Chandler Insurance Company, Ltd.
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Related links:
http://www.frbinc.com
CONTACT:
Steve Butler, V.P.-Administration of
Chandler, Cayman, 345-949-8177; Mark Paden, Exec. V.P. & CFO of
Chandler, USA, 405-258-4228; 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
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