Stewart Information to exchange $12.3 million of 6% convertibles

By Marisa Wong

Madison, Wis., Jan. 22 - Stewart Information Services Corp. entered into an exchange agreement on Jan. 17 with an existing holder of its 6% convertible senior notes due 2014, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

In exchange for $12.3 million principal amount of the notes, the company has agreed to issue 1,006,711 shares of its common stock. The company will also deliver cash for any accrued interest.

The transaction is expected to close on Jan. 23.

Following the exchange, $52.7 million principal amount of the notes will remain outstanding.

Stewart Information Services is a Houston-based title insurance company.

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