Navigators Closes Offering of $265 million of Senior Notes
NEW YORK, NY, Oct. 4, 2013 (GLOBE NEWSWIRE) -- The Navigators Group, Inc.
(NASDAQ:NAVG), an international commercial property & casualty specialty
insurance holding company, has closed its public offering of $265 million
aggregate principal amount of senior unsecured notes due 2023 (the "Notes").
The offering was made pursuant to an effective shelf registration statement
filed with the Securities and Exchange Commission (the "SEC").
The Company intends to use the net proceeds of the offering to (i) to redeem
$115 million aggregate principal amount of its 7.0% Senior Notes due May 1,
2016 currently outstanding and (ii) for general corporate purposes.
Goldman, Sachs & Co. and Keefe, Bruyette & Woods, Inc. acted as joint
book-running managers for the offering. The offering was made solely by means
of a prospectus supplement and accompanying prospectus, which have previously
been filed with the SEC. A copy of the prospectus supplement and related base
prospectus may be obtained on the SEC's website at www.sec.gov. Alternatively,
the underwriters will provide copies upon request to: Goldman, Sachs & Co.,
Attention: Prospectus Department, 200 West Street, New York, New York 10282,
or by telephone at 1-866-471-2526,
This press release does not constitute an offer to sell or a solicitation of
an offer to buy the Notes, and shall not constitute an offer, solicitation or
sale in any state or other jurisdiction in which such an offer, solicitation
or sale would be unlawful.
The Navigators Group, Inc. is an international specialty insurance holding
company with insurance company operations, underwriting management companies,
and operations at Lloyd's. With its corporate headquarters in Connecticut and
insurance operations based in New York and London, Navigators has offices in
major insurance centers in the United States, the United Kingdom and
Caution Regarding Forward Looking Statements
This press release may contain "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Whenever used in this
release, the words "estimate," "expect," "believe," "may," "will," "intend,"
"continue" or similar expressions are intended to identify such
forward-looking statements. We cannot assure that results that we anticipate
will be achieved, since results may differ materially because of known and
unknown risks and uncertainties that we face. Please refer to Navigators' most
recent Forms 10-K and 10-Q and its other filings with the Securities and
Exchange Commission for a description of Navigators' business and the
important factors that may affect that business. Navigators undertakes no
obligation to publicly update or revise any forward-looking statement.
CONTACT: Taha Ebrahimi
The Navigators Group, Inc. Logo
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