CHICAGO, Aug. 24, 2016 /PRNewswire/ -- Old
Republic International Corporation (NYSE: ORI) today announced
the pricing of $550 million aggregate
principal amount of Senior Notes due 2026 (the "Senior Notes"). The
Senior Notes will mature on August 26,
2026 and will have an interest rate of 3.875%. The Senior
Notes were priced at 99.819% to yield 3.897% to maturity. Interest
will be paid semi-annually on February
26 and August 26 of each year
beginning February 26, 2017. Proceeds
are expected to be used for general corporate purposes, including
the repayment of our outstanding convertible senior notes due 2018
at maturity, unless earlier converted.
Morgan Stanley & Co. LLC acted as sole book-running manager
for the offering. Raymond James
& Associates, Inc. acted as a Senior Co-Manager.
Copies of the final prospectus for the offering may be obtained
from Morgan Stanley & Co. LLC, 180 Varick Street, New York, New York 10014, Attention:
Prospectus Department, Telephone: 866-718-1649.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Senior Notes, nor shall there
be any offer or sale of the Senior Notes in any state or country in
which such offer, solicitation or sale would be unlawful.
About Old Republic
Chicago-based Old Republic
International Corporation is organized as an insurance holding
company whose subsidiaries actively market, underwrite and provide
risk management services for a wide variety of coverages,
principally in the general and title insurance fields. A long-term
interest in mortgage guaranty and consumer credit indemnity lines
has devolved to a run-off operating mode in recent years.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the federal securities laws regarding, among other
things, Old Republic's intention to issue the Senior Notes and its
intended use of proceeds. When used in this press release,
the words "intendeds to," "anticipates," "expects," and similar
expressions are intended to identify forward- looking statements.
Such statements are subject to a number of risks and
uncertainties. The success of the offering and
the sale of the notes are subject to a number of conditions, not
all of which are within Old Republic's control. There is no
assurance that Old Republic will successfully complete the proposed
offering or apply the proceeds of the offering as presently
intended. Actual results could differ materially and
adversely from those described in the forward-looking statements as
a result of various important factors, including the impact of
changes in the national economy, changes in the interest rate
environment, and other risk factors set forth in Old Republic's
2015 Form 10-K filed with the Securities and Exchange Commission.
Any forward-looking statements speak only as of their dates.
Old Republic undertakes no obligation to publicly update or revise
any such comments, whether as a result of new information, future
events or otherwise, and accordingly they may not be unduly relied
upon.
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SOURCE Old Republic International Corporation