NEW YORK (AP) -- Triple-S Management Corp. said Friday that a secondary offering of 5.4 million shares of its stock was priced at an approximately 5 percent discount to its Thursday closing price.
Shares of the insurance company fell 19 cents to $18.90 in premarket trading.
Triple-S said that the offering was priced at $18.25 per share. Its Thursday closing price was $19.11.
About 4.4 million shares in the offering are being sold to the public. The San Juan, Puerto Rico company is buying 1 million shares from certain selling stockholders and won't receive any of the offering's proceeds.
The underwriters have a 30-day option to buy up to an additional 810,055 shares to cover any excess demand.