U.S. Facilities Corp. of Costa Mesa said...

U.S. Facilities Corp. of Costa Mesa said Thursday that it filed a registration statement with the Securities and Exchange Commission for an initial public offering of 2 million shares of common stock. The insurance holding company, founded in 1980, said it expects the stock to sell at $15 to $17 per share, for a total of $30 million to $34 million. Proceeds from the offering will provide capital for the company’s Massachusetts Plate Glass Insurance Co. subsidiary to enter the property and casualty reinsurance business. Prudential-Bache Securities will lead the underwriting group. A spokesman for U.S. Facilities said the company, through its two operating subsidiaries--MPG and U.S. Benefits Co.--reported 1985 net earnings of $763,000 and revenue of $11.6 million. U.S. Facilities and its subsidiaries have about 75 employees.