PMA Capital Says it Will Raise $50M in Debt

PMA Capital Corporation (NASDAQ:PMACA) announced yesterday that it is seeking to raise $50 million through a public offering of monthly income senior notes. A shelf registration statement relating to these and other securities was filed and declared effective by the Securities and Exchange Commission on July 19, 2002. The senior notes, which will pay interest on a monthly basis, will mature in 2018. PMA Capital intends to use the net proceeds from the offering to repay outstanding indebtedness under its credit facility, to increase the capital and surplus of its insurance subsidiaries, and f...