PHL_A 1087416 v 3
Prospectus Supplement No. 10 Rule 424(b)(3) Prospectus
to Prospectus dated April 11, 1997 Registration Number 333-22125
Penn Treaty American Corporation
$74,750,000 6 1/4% Convertible Subordinated Notes Due 2003
2,628,340 shares of Common Stock
This Prospectus Supplement supplements information contained in that
certain Prospectus of the Company dated April 11, 1997, as supplemented by
Prospectus Supplement No. 1 dated May 6, 1997, Prospectus Supplement No. 2 dated
June 11, 1997, Prospectus Supplement No. 3 dated July 21, 1997, Prospectus
Supplement No. 4 dated August 15, 1997, Prospectus Supplement No. 5 dated
November 10, 1997, Prospectus No. 6 dated November 21, 1997, Prospectus
Supplement No. 7 dated March 10, 1998, Prospectus Supplement No. 8 dated April
29, 1998 and Prospectus Supplement No. 9 dated November 13, 1998 (collectively,
the "Prospectus") relating to the potential sale from time to time of up to
$74,750,000 aggregate principal amount of Notes and the Common Stock issuable
upon conversion thereof by the Selling Securityholders. This Prospectus
Supplement is not complete without, and may not be delivered or utilized except
in connection with, the Prospectus, including any amendments or supplements
thereto. Capitalized terms used herein but not defined have the meanings
assigned to such terms in the Prospectus.
The following table supplements the information set forth in the
Prospectus under the caption "Selling Securityholders" with respect to the
Selling Securityholders, the respective principal amounts of Notes beneficially
owned by such Selling Securityholders and that may be sold pursuant to the
Prospectus, as amended or supplemented:
<TABLE>
<CAPTION>
Principal
Amount
of Notes Number of
Beneficially Conversion
Owned and Percent of Shares
That May Outstanding That May
Name (1) Be Sold Notes Be Sold (2)
-------- ------------- ----------- -----------
<S> <C> <C> <C>
NMS Services, Inc. .............................. $ 4,300,000 5.75% 151,195
</TABLE>
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(1) The information set forth herein is as of January 29, 1999, and will be
updated as required. Certain of the holders share investment power with
their respective investment advisors.
(2) Assumes conversion of the full amount of Notes held by such holder at
the initial rate of $28.44 in principal amount of Notes per share of
Common Stock.
The date of this Prospectus Supplement is February 9, 1999
