Old Republic International plans $250 million 10-year note offering

By Andrea Heisinger

New York, March 2 - Old Republic International Corp. announced a $250 million offering of 10-year senior notes (Baa1/BBB+) on Wednesday in a 424B5 filing with the Securities and Exchange Commission.

It could not be confirmed if the notes had priced at press time.

Morgan Stanley & Co., Inc. and UBS Securities LLC are the bookrunners.

Proceeds are being used to repay $107.4 million of debt in connection with the company's PMA Capital Corp. acquisition. The remainder will be used for general corporate purposes, including capital contributions to insurance company subsidiaries.

The holding company for insurance underwriting is based in Chicago.

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