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HTH issues stock for $44.8 million 7.5% senior exchangeable notes
By Toni Weeks
San Luis Obispo, Calif., Nov. 15 - Hilltop Holdings Inc. issued 3,311,689 shares of its common stock on Nov. 12 and Nov. 13 in exchange for $44.8 million principal amount of 7.5% senior exchangeable notes due 2025 issued by subsidiary HTH Operating Partnership LP, according to an 8-K filing with the Securities and Exchange Commission.
This brings the total number of shares issued in the exchange offer to 6,208,005.
As previously reported, the partnership issued a call to redeem on Nov. 14 all $90.9 million of the notes.
Holders could exchange their notes by Nov. 13 for shares of Hilltop common stock at the rate of 73.94998 shares per $1,000 principal amount, or roughly $13.52 per share.
The company previously said that the redemption price would be par plus accrued interest up to but excluding the redemption date. Funding for the redemption was to come from cash on hand.
U.S. Bank NA (800 934-6802) is the trustee, paying agent and conversion agent.
Hilltop Holdings is a Dallas-based financial holding company. HTH Operating Partnership LP was formerly known as Affordable Residential Communities, LP.
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