American Bankers Insurance Group Inc. announces filing of registration statement with respect to public offering of convertible preferred stock.MIAMI--(BUSINESS WIRE)--July 1, 1996--American Bankers Insurance Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABIG ABIG American Bankers Insurance Group ABIG Access Bus Industry Group ) Monday announced that it filed a registration statement with the Securities and Exchange Commission for the public offering by ABIG of 2 million of Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". at a public offering price of $50 per share. An over allotment option of 300,000 shares has been granted to the underwriters. The dividend and conversion premium will be determined at the time of the offering. CS First Boston First Boston Corporation was a New York-based investment bank, founded in 1932 and acquired by Credit Suisse in 1988, when it became 'CS First Boston'. Globally referred to as Credit Suisse First Boston after 1996, the First Boston part of the name was phased out in 2006. , Donaldson, Lufkin & Jenrette, Furman Selz and McDonald & Co. will serve as the representatives of the underwriters. ABIG will apply the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale of the Convertible Preferred Stock for the funding of investments in ABIG's insurance subsidiaries (including the repayment of $80 million of short-term indebtedness from borrowing after March 31, 1996, under its short-term credit facility previously used for such purposes) and for general corporate purposes. American Bankers Insurance Group Inc. is a specialty insurer providing primarily credit-related insurance products and extended service contracts in the U.S. and Canada as well as Latin America, the Caribbean and the United Kingdom. This announcement is not an offer to sell or the solicitation of an offer to buy ABIG's securities. The offering will be made only by means of a prospectus which forms part of the registration statement. CONTACT: American Bankers Insurance Group Inc., Miami P. Bruce Camacho, First Senior Vice President Investor Relations Investor relations The process by which the corporation communicates with its investors. , 305/252-7060 |
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