Old Republic Announces $250M Convertible Note Offering

Old Republic International Corporation ORI, today announced that it intends to offer, subject to market and other conditions, $250 million aggregate principal amount of convertible senior notes due 2018 and $250 million aggregate principal amount of senior notes due 2021 in concurrent registered underwritten public offerings. Old Republic intends to grant the underwriters a 30-day option to purchase up to an additional $37.5 million aggregate principal amount of the convertible notes to cover over-allotments, if any. Old Republic intends to use a portion of the net proceeds of the offerings to repay certain indebtedness assumed in connection with its recent acquisition of PMA Capital Corporation, and intends to use the remainder of the net proceeds for general corporate purposes, including the making of additional capital contributions to its insurance company subsidiaries as may be necessary. Morgan Stanley and UBS Investment Bank will act as joint bookrunning managers of the offerings. Neither offering is conditioned on the other.