Amerin closes $213.4 million initial public offering.CHICAGO--(BUSINESS WIRE)--Nov. 29, 1995--Amerin Corp., Chicago, announced today that it had successfully completed its initial public offering of Common Stock through Underwriters led by Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. & Co. Inc.
The offering, priced at $16.00 per share, raised gross proceeds of $213.4 million. A total of 13.3 million shares were sold, including 1.74 million shares covered by the Underwriters' over-allotment option, which was exercised in full. 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). of the offering will be used to redeem all of the company's 13.5 percent 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". ; to make additional capital contributions to the Company's two subsidiaries, Amerin Guaranty Corp. and Amerin Re Corp.; to support the growth of the Company's insurance businesses; and for general corporate purposes. Gerald L. Friedman, founder, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Amerin, said: "The Company was extremely encouraged by the market's strong response to Amerin's offering. We view the reception of our offering as a strong endorsement of the concept of wholesale mortgage insurance and Amerin's unique approach to the delivery of this product." Founded in 1992, Amerin is listed on the 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 National Market System under the symbol "AMRN." Amerin provides private mortgage insurance to leading mortgage originators. The Company's products are Lender-Paid Mortgage Insurance and Borrower-Paid Mortgage Insurance. Amerin's approach to sales, underwriting and claims processing reduces the cost of its insurance and offers operating efficiencies to mortgage lenders and their borrowers. Home buyers who made down payments of less than 20% of the value of the home are usually required by the mortgage lender to qualify and pay for mortgage insurance on their mortgage loans. If the homeowner defaults on the loan, mortgage insurance pays the lender or the owner of the loan for its losses up to a specified coverage amount. Morgan Stanley & Co. Inc., 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. Corp., Donaldson, Lufkin & Jenrette Securities Corp. and J.P. Morgan Securities Inc. were the underwriters in connection with the offering in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada. Morgan Stanley & Co. International Limited, CS First Boston Limited, Donaldson, Lufkin & Jenrette Securities Corp. and J.P. Morgan Securities Ltd. were the underwriters in connection with a simultaneous offering outside the United States and Canada. CONTACT: Amerin Corp., Chicago Philip Yee, 312/540-6918 or Principal Communications, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Bill Campbell, 212/546-2664 |
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