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Published on 3/25/2024 in the Prospect News Investment Grade Daily.

Old Republic International to offer senior notes via two bookrunners

By William Gullotti and Cristal Cody

Buffalo, N.Y., March 25 – Old Republic International Corp. intends to price an offering of senior notes on Monday, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

The company held fixed income investor calls and a presentation on Friday.

The notes will have a make-whole call until three months prior to maturity, followed by a par call.

Morgan Stanley & Co. LLC and PNC Capital Markets LLC are the joint bookrunning managers.

Wilmington Trust Co. is the trustee.

Locke Lord LLP is the issuer’s counsel. Sidley Austin LLP is advising the underwriters.

Proceeds will be used to repay the company’s $400 million 4.875% senior notes due Oct. 1, 2024 at or before maturity and for general corporate purposes.

Chicago-based Old Republic is an insurance holding company.


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