Ohio Casualty completes redemption of convertibles

New York, May 4 - Ohio Casualty Corp. said it completed the redemption of its old and new 5% convertible senior notes due 2022.

Ahead of the redemption, holders converted $10.6 million of the new notes, which will be settled in cash and stock. The company will also issue 1.3 million shares to holders who converted some of the old notes.

The Fairfield, Ohio, property and casualty insurer paid $111.7 million in cash to redeem the remaining notes.

On April 29, Ohio Casualty bought back $35.8 million of old notes in a negotiated transaction.

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