CHICAGO, April 22 /PRNewswire-FirstCall/ -- Old Republic International
Corporation (NYSE: ORI), today announced that it intends to offer, subject to
market and other conditions, $250 million aggregate principal amount of
convertible senior notes due 2012 in a registered underwritten public
offering. Old Republic intends to grant the underwriters a 30-day option to
purchase up to an additional $37.5 million aggregate principal amount of such
convertible notes to cover over-allotments, if any. Merrill Lynch & Co. and
J.P. Morgan Securities Inc. will act as joint bookrunning managers of the
The convertible note offering is being made pursuant to a registration
statement filed with the Securities and Exchange Commission. Copies of the
preliminary prospectus for the offering may be obtained from Merrill Lynch &
Co., Attn: Prospectus Department, 4 World Financial Center, New York, NY
10080, (212) 449-1000, and J.P. Morgan Securities Inc., National Statement
Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn,
NY 11245, (718) 242-8002.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any offer
or sale of these securities 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 an insurance
holding company whose subsidiaries market, underwrite and provide risk
management services for a wide variety of coverages primarily in the property
& liability, title insurance, and mortgage insurance fields.
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 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 2008 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.
SOURCE Old Republic International Corporation
CONTACT: A.C. Zucaro, Chairman & CEO of Old Republic International
Corporation, +1-312-346-8100; or
Analysts/Investors, Leslie Loyet of Financial
Relations Board, +1-312-640-6672, firstname.lastname@example.org,
for Old Republic