Stewart Information Services to price $60 million five-year convertibles to yield 5.5%-6%, up 25%

By Rebecca Melvin

New York, Oct. 8 - Stewart Information Services Corp. is offering $60 million of five-year convertible senior notes, which were seen pricing after the close of markets on Thursday and talked to yield 5.5% to 6% with a 25% initial conversion premium, according to market sources.

The Rule 144A offering has a greenshoe of $9 million and is being sold via FBR Capital Markets.

The bonds will be non-callable for five years and will have no puts. They also have dividend and takeover protection.

Proceeds will be used to pay down about $60.5 million of unsecured bank debt.

Houston-based Stewart Information provides insurance and related information services required for settlement by the real estate and mortgage industries.

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