OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned an issue rating of “bbb-” to the $100 million tranche of 6.75% senior unsecured notes, due May 2024, recently announced by National General Holdings Corp. (NGHC) (headquartered in New York, NY) [NASDAQ: NGHC]. The assigned outlook is stable. All existing ratings of NGHC and its subsidiaries are unchanged.
The $100 million tranche offers terms identical to the existing $250 million 6.75% notes issued in May 2014 and due in May 2024, with the exception of the issue date and the first interest payment date. Proceeds from the offering will be used for general corporate purposes.
Following issuance of the notes, NGHC’s unadjusted and adjusted debt-to-capital ratios will remain in-line with A.M. Best’s guidelines for the current ratings, as will its coverage ratios.
This press release relates to rating(s) that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best’s Ratings & Criteria Center.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.