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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 4, 1998
Philadelphia Consolidated Holding Corp.
(Exact name of Registrant as specified in its charter)
Pennsylvania 0-22280 23-2202671
(State or other juris- (Commission (IRS Employer
diction of incorporation) File No.) Identification No.)
One Bala Plaza, Suite 100
Bala Cynwyd, PA 19004
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (610) 617-7900
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
The Registrant is filing this Current Report on Form 8-K solely for the
purpose of filing the Exhibit listed in Item 7(c) below.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial Statements of Business Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits.
Exhibit 99.1 Press Release dated May 4, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Philadelphia Consolidated Holding Corp.
(Registrant)
Date: May 13, 1998 By: /s/ Craig P. Keller
--------------------------------
Craig P. Keller
Vice President, Secretary and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Description Method of Filing
99.1 Press Release dated May 4, 1998. Filed electronically herewith.
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EXHIBIT 99.1
[Philadelphia Consolidated Holding Corp. Letterhead]
May 4, 1998
FOR IMMEDIATE RELEASE
PHILADELPHIA CONSOLIDATED HOLDING CORP.
ANNOUNCES CLOSING OF FELINE PRIDES OFFERING
Philadelphia Consolidated Holding Corp. (NASDAQ: PHLY) of Bala Cynwyd,
Pennsylvania announced today that is successfully closed its FELINE PRIDES(sm)
and Trust Preferred Securities offering. FELINE PRIDES(sm) are units consisting
of a contract under which the holder is obligated to purchase common stock from
the Company approximately three years following this closing and beneficial
ownership of either (1) interest bearing preferred securities issued by a
business trust subsidiary of the Company or (2) U.S. treasury securities.
Proceeds to the Company, net of underwriting commission, from the sale of
10,350,000 FELINE PRIDES(sm) and 1,000,000 7.00% Trust Originated Preferred
Securities were $100,136,250. These amounts include 1,350,000 Income Prides, a
component of the FELINE PRIDES(sm), purchased pursuant to the exercise of the
underwriters' over allotment option.
Philadelphia Insurance Companies, rated "A+" (Superior) by A.M. Best Company,
and "A" by Standard & Poor's, markets and underwrites specialty property and
casualty insurance products through 38 proprietary underwriting offices across
the U.S. of A.
(sm)Service Mark of Merrill Lynch & Co.
