Old Republic International prices $700M senior notes offering at 5.700% due 2036

Filed May 14, 2026 · ~2 min read

Key Changes

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  Old Republic is issuing $700 million of 5.700% Senior Notes due June 1, 2036, with semi-annual interest payments beginning December 1, 2026. Net proceeds are approximately $695.3 million after underwriting fees.

  The Offering verify on EDGAR →
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  The company will use $550 million of net proceeds to repay existing 3.875% senior notes maturing August 2026, with the remainder for general corporate purposes. This is primarily a refinancing transaction.

  Use of Proceeds verify on EDGAR →
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  The notes are structurally subordinated to approximately $19.2 billion in subsidiary policy liabilities as of March 31, 2026. Noteholders have no direct claim on subsidiary assets, which hold substantially all company value.

  Risk Factors verify on EDGAR →