PMA Capital Places $15M in 30 Year Notes

PMA Capital Corporation (NASDAQ:PMACA) announced yesterday that it recently executed an agreement for the private placement sale of $15 million of 30-year floating rate trust preferred securities through a wholly owned statutory trust subsidiary. The interest rate on these securities will equal the three-month London InterBank Offered Rate ("LIBOR") plus 4.20%. However, the interest rate may not exceed 12.50% during the first five years after issuance. The Company anticipates that the transaction will close during May 2003, subject to the satisfaction of specified closing conditions. The Com...