CII Financial Plans Sale of Debentures
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CII Financial, a Burbank-based provider of workers compensation insurance in California, said it plans a public sale of $50 million face value of convertible subordinated debentures, a type of debt that’s convertible into CII stock under certain conditions.
In a filing with the U. S. Securities and Exchange Commission, CII said proceeds from the offering of the 10-year debentures would be used to repay debt and expand operations, which are led by its California Indemnity Insurance Co. unit.
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