First Mercury Financial to redeem senior notes via stock proceeds

By Jennifer Chiou

New York, May 30 - First Mercury Financial Corp. plans to redeem all of its senior notes with part of the proceeds of a $189.75 million stock offering, according to an S-1 filing with the Securities and Exchange Commission.

The Southfield, Mich., financial holding company said it will pay 105% plus accrued interest Aug. 15, the redemption date.

The notes were issued in August 2005 and bear interest at Libor plus 8%.

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