US Facilities to Sell New Shares: US...
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US Facilities to Sell New Shares: US Facilities Corp. said it intends to sell 1.5 million shares of common stock in addition to the 3.96 million shares it has outstanding. The share price and timing of the offering have yet to be determined, the company said. The stock, which has been trading between $10 and $13 per share on the NASDAQ exchange, closed Thursday at $12, up 75 cents. The Costa Mesa-based company’s main business is marketing, underwriting and reinsuring medical stop-loss coverage. It plans to use the proceeds of the offering to increase the surplus of its reinsurance subsidiary, USF Re Insurance Co., the company said.
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