Illinois-based property insurer, Old Republic International, is seeking to raise about $500 million in a sale of senior secured notes. The company will offer $250 million of convertible notes, due in 2018, and $250 million of senior notes, due in 2021, adds Reuters. Old Republic may use the net proceeds from the offering to repay certain indebtedness assumed in connection with its recent acquisition of PMA Capital. It has granted the underwriters, Morgan Stanley and UBS Investment Bank, a 30-day option to buy up to an additional $50 million aggregate principal amount of the convertible notes.

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