PMA Capital Corporation (NASDAQ:PMACA) announced yesterday that it recently executed an agreement for the private placement sale of $17.5 million of 30-year floating rate trust preferred securities through a wholly owned trust subsidiary. The Company anticipates that the transaction will close by May 15, 2003, subject to the satisfaction of specified closing conditions.
Through its trust subsidiary, the Company will have the right to redeem the trust preferred securities, in whole or in part, at any time on or after five years from the date of issuance at their principal amount plus accrued ...
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