HCI announces senior notes conversions to common stock for balance sheet strengthening

• HCI (NYSE:HCI) announced that conversions to common stock have reduced the principal balance of its outstanding 4.25% Convertible Senior Notes to ~$24M from $139M a year ago.
• Under the note indenture, the remaining noteholders had the option to require the company to purchase their notes on Mar. 1, 2022.
• Holders of the $24M of notes will again have the option to require purchase of their notes on Mar. 1, 2027 and Mar. 1, 2032.
• With $100M+ in liquidity and an unleveraged balance sheet, the company is prepared to fund its growth in 2022 without the need for external capital.
• "Over the last year, we strengthened our balance sheet through a series of debt conversions and exchanges, reducing our debt-to-capital to 16% at year end," HCI Chairman and CEO Paresh Patel commented.