The Doctors Company, An Interinsurance Exchange, Announces Expiration and Results of Cash Tender Offer For Surplus Notes Due 2023

NAPA, Calif., Jan. 14, 2022 /PRNewswire/ -- The Doctors Company, An Interinsurance Exchange ("The Doctors Company"), today announced the expiration and final results of its previously announced cash tender offer (the "Tender Offer") for any and all of its outstanding 6.50% Surplus Notes due 2023 (the "Notes").

The Tender Offer expired at 5:00 p.m., New York City time, on January 13, 2022 (the "Expiration Time"). The principal amount of the Notes that was validly tendered and not validly withdrawn in the Tender Offer as of the Expiration Time according to information provided by Global Bondholder Services Corporation, the Depositary and Information Agent for the Tender Offer, is set forth in the table below.

The Doctors Company expects to accept for purchase all Notes validly tendered and not validly withdrawn prior to the Expiration Time. As advised by Global Bondholder Services Corporation, the Depositary and Information Agent for the Tender Offer, as of the Expiration Time, no Notes were tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase (as defined below). Settlement for the Notes validly tendered and not validly withdrawn at or prior to the Expiration Time and accepted for purchase by The Doctors Company is expected to take place on January 19, 2022. Holders of Notes accepted for purchase pursuant to the Tender Offer will receive the previously announced consideration of $1,086.32 for each $1,000 principal amount of Notes plus accrued and unpaid interest thereon from the last interest payment date to, but not including, the settlement date for the Tender Offer.

The Tender Offer was made pursuant to the Offer to Purchase dated January 7, 2022 (the "Offer to Purchase"), and the related Notice of Guaranteed Delivery.

Wells Fargo Securities, LLC acted as the Dealer Manager for the Tender Offer. Global Bondholder Services Corporation acted as the Depositary and Information Agent for the Tender Offer.

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE NOTES. THE TENDER OFFER WAS MADE SOLELY PURSUANT TO THE OFFER DOCUMENTS, WHICH SET FORTH THE COMPLETE TERMS OF THE TENDER OFFER.

Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements, which involve a number of risks and uncertainties. These statements include statements regarding the intent, belief or current expectations of The Doctors Company and its management team, including beliefs concerning future developments and their potential effects upon The Doctors Company. The Doctors Company cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including, but not limited to, those listed under the "Cautionary Note Regarding Forward-looking Statements" in the Offer to Purchase. The information contained in this press release is accurate only as of the date of this press release regardless of the time of delivery. The Doctors Company does not intend, and is under no obligation, to update any particular forward-looking statement included in this press release, except as required by law.

About The Doctors Company

Founded and led by physicians, The Doctors Company (thedoctors.com), the nation's largest physician-owned medical malpractice insurer, is relentlessly committed to advancing, protecting, and rewarding the practice of good medicine. The Doctors Company helps physicians manage the complexities of today's healthcare environment—with expert guidance, resources, and coverage. The Doctors Company is part of TDC Group (thetdcgroup.com), the nation's largest physician-owned provider of insurance, risk management, and healthcare practice improvement solutions. TDC Group serves the full continuum of care, from individual physicians to academic medical systems—over 100,000 healthcare professionals and organizations nationwide—with annual revenue of $1 billion and over $6 billion in assets. To learn more about our data-driven insights and to stay up to date on industry trends, follow and subscribe to The Doctors Company on Twitter (@doctorscompany), YouTube, LinkedIn, and Facebook.

SOURCE The Doctors Company