PMA Capital Prices Notes; 8.5%, 15 years

PMA Capital Corporation (NASDAQ:PMACA) reported yesterday that it has priced its previously announced $50 million offering of 8.50% monthly income senior notes due June 15, 2018. PMA Capital anticipates that the transaction will close on Thursday, June 5, 2003. PMA Capital intends to use the net proceeds from the offering to repay the remaining $13 million of outstanding debt under its revolving credit facility, to increase the capital and surplus of its insurance subsidiaries, and for general corporate purposes. The notes are general, senior unsecured obligations of PMA Capital and will ...