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Get filing alertsOld Republic prices $700M senior notes offering at 5.700% due 2036
Filed May 18, 2026 · Period ending May 13, 2026 · ~1 min read
Key Changes
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Issued $700 million of 5.700% senior notes maturing June 1, 2036, in a registered underwritten public offering led by Morgan Stanley and PNC Capital Markets.
Item 1.01 verify on EDGAR → -
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Notes pay interest semi-annually on June 1 and December 1, beginning December 1, 2026, with a 10-year term to maturity.
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Company may redeem notes before March 1, 2036 at a make-whole premium (greater of par or present value at Treasury Rate plus 20 basis points); at par thereafter.
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Indenture includes standard default provisions allowing holders of 25%+ of principal to accelerate payment; automatic acceleration upon bankruptcy or insolvency.
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Summary
Old Republic International completed a $700 million senior notes offering on May 13, 2026, issuing 10-year debt at a 5.700% coupon. The notes mature in June 2036 and pay interest semi-annually. This is a straightforward debt issuance through a registered public offering, adding to the company's capital structure at a fixed rate.
The terms are standard for investment-grade corporate debt: make-whole call protection until three months before maturity, then callable at par, with customary default and acceleration provisions. For retail holders, this represents additional leverage on the balance sheet.
The filing does not disclose the intended use of proceeds, but such offerings typically fund general corporate purposes, refinance existing debt, or support growth initiatives. The 5.700% rate reflects current market conditions for 10-year corporate debt.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Notes then outstanding may declare the entire principal amount of all the Notes, and the interest accrued on such Notes, if any, to be immediately due and payable. In the case of certain events of bankruptcy, insolvency or reorganization relating to the Company, the principal amount of the Notes together with any accrued and unpaid interest thereon will automatically be and become immediately due and payable.
The indenture includes standard default provisions allowing acceleration of the notes if holders of 25% or more of the principal declare a default. In bankruptcy or insolvency events, the notes automatically become immediately due and payable.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 8, 2026 · How we verify