Ohio Casualty announces $125 million convertible notes deal

By Ronda Fears

Nashville, Tenn., March 11 - Ohio Casualty Corp. announced plans Monday to sell $125 million of 20-year convertible notes in the Rule 144A market. The Fairfield, Ohio-based insurance holding company said proceeds will be used to repay bank debt.

Standard & Poor's has assigned a BB rating to the new issue, noting Ohio Casualty's regional business position, good capitalization, and improved investment strategy. S&P also revised the outlook to stable from negative.

Ohio Casualty shares closed down 13c to $18.92.

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