CEDAR RAPIDS, Iowa, June 03, 2024 (GLOBE NEWSWIRE) -- United Fire Group, Inc (the "Company" or "UFG") (NASDAQ:UFCS), a property and casualty insurance holding company, today announced that it has successfully completed a placement of $70 million aggregate principal senior unsecured 9.0% notes due May 31, 2039 (the "Notes") in a private offering (the "Offering") with Ares Management Credit funds as the lead investor. Proceeds from the Offering will be used to support anticipated growth and for general corporate purposes. "We are pleased with the successful execution of this capital raise," said UFG President and CEO Kevin Leidwinger. "We appreciate the investment community's support of our long-term strategies intended to deliver sustainable profitable growth." Stonybrook Capital, LLC served as the Company's exclusive financial advisor in connection with the Offering.   "We are pleased to provide a long-term private capital solution in support of UFG's growth initiatives," said Jeff Hughes, Managing Director in the Ares Credit Group. "This investment fits squarely within the Ares Alternative Credit team's focus on delivering creative and flexible private credit solutions and represents our continued focus to partner with the insurance industry." The Ares Alternative Credit strategy is one of the largest investors in asset-based credit managing approximately $36.5 billion in assets under management as of March 31, 2024. The team invests across the capital structure and seeks opportunities in specialty finance, lender finance, loan portfolios, equipment leasing, structured products, net lease, cash flow streams (royalties, licensing, management fees) and other asset-focused investments.   The notes were offered ...