Chubb sells $525 mln convertible securities

Newswire

WARREN, N.J., Nov 26 (Reuters) - U.S. business insurer Chubb Corp. said it raised $525 million by selling securities automatically convertible into company stock. The company, based in Warren, New Jersey, announced the sale of its "mandatory" convertible securities, which convert into company stock in three years, late Monday. It said it intends to use proceeds for general corporate purposes, including capital contributions to its units. Chubb said it sold 21 million equity units, ...

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