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Old Republic Prices $275 Million Convertible Note Offering
Old Republic expects to use the net proceeds of the offering to increase the capital of the general and title insurance business segments, to repay a portion of short term indebtedness, and for general corporate purposes.
Merrill Lynch & Co. and J.P. Morgan Securities Inc. have acted as joint bookrunning managers for the offering. Copies of the final prospectus supplement and 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