NU Online News Service, Feb. 7, 3:52 p.m. – Penn Treaty American Corp., Allentown, Pa., says investors have committed to lending it about $38 million by buying notes due in 2008.
The notes pay an interest rate of 6.25%, and holders will have the right to convert them into common stock for $1.75 per share.
Penn Treaty is hoping to collect the $38 million and issue the notes Feb. 12.