ACORDIA ANNOUNCES INITIAL PUBLIC OFFERING
ACORDIA ANNOUNCES INITIAL PUBLIC OFFERING INDIANAPOLIS, Indiana, Oct. 21 /PRNewswire/ -- Acordia, Inc.
(NYSE: ACO) announced today the initial public offering of 3.2 million shares of its common stock at $14.50 per share in simultaneous United States and international offerings. All of the shares will be sold by Associated Insurance Companies, Inc. (the "selling stockholder").
The First Boston Corporation, Alex. Brown & Sons Incorporated, Merrill Lynch & Co. and Raffensperger, Hughes & Co., Incorporated are the managers of the U.S. syndicate offering of 2.6 million shares and Credit Suisse First Boston Limited, Alex. Brown & Sons International and Merrill Lynch International Limited are the lead Managers of the international offering of 600,000 shares. The selling stockholder has granted the underwriters and managers an option to purchase up to an additional 480,000 shares to cover over-allotments, if any. The common stock will trade on the New York Stock Exchange under the symbol "ACO". The company will not receive any of the proceeds from the sale of shares to be sold by the selling stockholder. Acordia, Inc. is a holding company for twenty-two operating business units (each, an "Acordia company") engaged in providing insurance brokerage, claims administration, underwriting management and employee benefits consulting services to government, not-for-profit and private sector employers, groups, trusts and associations, and individual consumers. The company operates in 47 states and the District of Columbia. -0- 10/21/92 /CONTACT: Joseph D. Fashano, vice president of First Boston Corporation, 212-909-2107/ (ACO) CO: Acordia, Inc. ST: Indiana IN: INS SU: OFR
AH -- NY039 -- 2783 10/21/92 10:29 EDT
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|Date:||Oct 21, 1992|
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