Ohio Casualty greenshoe exercised, convertibles now $201.25 million

New York, March 19 - Ohio Casualty Corp. said the underwriters exercised the over-allotment option on its recent offering of 5% convertible notes due 2022, raising the size of the deal to $201.25 million.

The Fairfield, Ohio company originally sold $175 million of the convertibles after the market closed on March 13 at a yield of 5% and an initial conversion premium of 27% in a Rule 144A offering via joint lead managers Merrill Lynch & Co. and Salomon Smith Barney.

Proceeds were used to repay bank debt.

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