United Insurance Holdings Corp. Announces Pricing of $150 Million Senior Notes Offering

Business Wire 7-Dec-2017 5:17 PM

ST. PETERSBURG, Fla.--(BUSINESS WIRE)-- United Insurance Holdings Corp. (NASDAQ:UIHC)(UPC Insurance or the Company), a property and casualty insurance holding company, today announced the pricing of its previously-announced underwritten public offering of senior notes due 2027. The notes will be issued in an aggregate principal amount of $150 million and will bear interest at the rate of 6.250% per annum. The offering is expected to close on December 13, 2017, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering to redeem $30million aggregate principal amount of its floating rate senior notes due 2026, and the remaining amount for general corporate purposes.

Raymond James & Associates, Inc. and Wells Fargo Securities, LLC will act as joint book-running managers of the offering.

The Company has filed a shelf registration statement, including a prospectus, with the U.S. Securities and Exchange Commission (SEC) and the SEC has declared it effective. The offering will be made only by means of a preliminary prospectus supplement relating to the notes and the accompanying prospectus, which was filed by the Company with the SEC today. For additional information regarding the terms of the notes, please refer to the preliminary prospectus supplement. Interested parties may obtain copies of the preliminary prospectus supplement and the accompanying prospectus, and the final prospectus supplement, when available, from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716 Attn: Prospectus Department, calling: (800) 248-8863 or emailing: prospectus@raymondjames.com or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402 Attn: WFS Customer Service, calling: toll-free 1-800-645-3751 or emailing: wfscustomerservice@wellsfargo.com or by visiting the SECs website at www.sec.gov.

This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to purchase any notes and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful.

About UPC Insurance

Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services residential property and casualty insurance policies using a network of independent agents and a group of wholly owned insurance subsidiaries. The Company currently writes policies in Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Rhode Island, South Carolina and Texas, and is licensed to write in Alabama, Delaware, Maryland, Mississippi, New Hampshire, and Virginia. UPC Insurance also has a commercial residential product in Florida. The Companys commercial presence was further expanded by the merger with Floridas largest commercial property writer, American Coastal Insurance Company. From its headquarters in St. Petersburg, UPC Insurance's team of dedicated professionals manages a completely integrated insurance company, including sales, underwriting, customer service and claims. UPC Insurance is a company committed to financial stability and solvency.

Forward-Looking Statements

Statements in this press release that are not historical facts, including those relating to the closing of the offering and the anticipated use of proceeds therefrom, are forward-looking statements that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as may, will, expect, "endeavor," "project," believe, anticipate, intend, could, would, estimate, or continue or the negative variations thereof or comparable terminology are intended to identify forward-looking statements. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the Risk Factors section in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement.

View source version on businesswire.com: http://www.businesswire.com/news/home/20171207006275/en/

United Insurance Holdings Corp. Jessica Strathman, (727) 895-7737SEC Reporting Managerjstrathman@upcinsurance.comorINVESTOR RELATIONS:The Equity GroupAdam Prior, (212) 836-9606Senior Vice-Presidentaprior@equityny.com

Source: United Insurance Holdings Corp.

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