Mortgage insurer Old Republic International Corp., Chicago, hopes to raise $500 million through a pair of concurrent debt offerings.
The net proceeds will be split between its MI unit, and one that offers title insurance.
The offerings consist of $250 million of convertible senior notes due in 2018 and, $250 million of senior notes due in 2021. Underwriters can purchase an additional $37.5 million of debt to cover over-allotments. Neither offering is conditioned upon the other.
A portion of the proceeds will go to repay ORI debt related to the acquisition of PMA Capital Corp. The remainder will be used for general corporate purposes, including providing additional capital to its insurance subsidiaries.
Morgan Stanley and UBS Investment Bank are the joint book running managers for the deal.
