Printer Friendly

DELPHI FINANCIAL GROUP ANNOUNCES REPURCHASE OF ALL OUTSTANDING WARRANTS

DELPHI FINANCIAL GROUP ANNOUNCES REPURCHASE OF ALL OUTSTANDING WARRANTS
 WILMINGTON, Del., Feb. 27 /PRNewswire/ -- Delphi Financial Group, Inc. (NASDAQ: DLFI) today announced the repurchase of the 2.1 million outstanding common stock warrants held by General Electric Capital Corporation.
 The warrants were exercisable at $.95 per share. In conjunction with the repurchase of the warrants, General Electric Capital Corporation has agreed to several modifications to the covenants of the existing loan agreement. Consideration to be paid by the company for the warrants and modifications to the loan covenants total $14.3 million.
 The effect, assuming the repurchase of the warrants had occurred on Jan. 1, 1991, would be to reduce weighted average shares outstanding by 15.8 percent at Dec. 31, 1991. In commenting, Robert Rosenkranz, chairman and chief executive officer, noted that the repurchase of the warrants eliminates the overhang of the lender's shares from the market, and results in an immediate increase in book value and earnings per share, on a fully diluted basis.
 Delphi Financial Group, Inc. is an insurance holding company that underwrites, through its subsidiaries, a portfolio of life, long-term disability and personal accident insurance, targeted principally to the employee benefit market, and annuities and guaranteed investment contracts throughout the 50 states and the District of Columbia.
 /delval/
 -0- 2/27/92
 /CONTACT: Patrick J. Mitchell of Delphi Financial, 215-787-3943/
 (DLFI) CO: Delphi Financial Group, Inc.; General Electric Capital Corporation ST: Delaware IN: INS SU:


CC-KA -- PH025 -- 3416 02/27/92 16:15 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 27, 1992
Words:249
Previous Article:HARNISCHFEGER INDUSTRIES CONTINUES TO WEATHER RECESSION IN FIRST QUARTER
Next Article:SOUTHWEST CAFES, INC. ELECTS J. MICHAEL JENKINS CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER
Topics:


Related Articles
DELPHI FINANCIAL GROUP, INC. REPORTS 1992 RECORD RESULTS
DELPHI FINANCIAL GROUP, INC. REPORTS SECOND QUARTER EARNINGS
DELPHI FINANCIAL GROUP, INC. 2.5 MILLION SHARES PRICED AT $22 PER SHARE
IRWIN FINANCIAL CORPORATION ANNOUNCES THIRD QUARTER DIVIDEND AND SHARE REPURCHASE PROGRAM
Irwin Financial Corporation Announces Third Quarter Dividend and Share Repurchase Program
Delphi Financial Group, Inc. Announces New Record Date for Rights Offering
Delphi Financial Group, Inc. Announces Record First Half 1998 Earnings
Delphi 1Q Operating EPS Grows 15% to Record $1.06 Per Share.
Delphi Announces First Quarter 2001 Results.
Alliance Financial Corporation repurchases warrant from US Treasury.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters