Stewart Information Services raises $65 million in private placement

Fri. October 16, 2009; Posted: 02:29 PM

Look up the PowerRating of STC and see how it has performed over the past week as well as the current proprietary PowerRating.

Oct 16, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- STC | Quote | Chart | News | PowerRating -- Stewart Information Services Corporation has completed a private placement of $65 million aggregate principal amount of 6% convertible senior notes due 2014. This amount includes the exercise in full of the initial purchaser's over-allotment option to purchase $5 million aggregate principal amount of additional notes. The notes will pay interest semiannually at a rate of 6% per annum beginning on April 15, 2010.

Stewart is a US-based real estate information, title insurance and transaction management company.

Update on October 9, 2009:

Stewart has priced $60 million aggregate principal amount of 6% convertible senior notes due 2014, which are anticipated to be sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.

<br The notes will pay interest semiannually at a rate of 6% per annum beginning on April 15, 2010. The notes are convertible into shares of Stewart's common stock at a conversion rate of 7.64 shares per $1,000 principal amount of notes.

The notes will be guaranteed by Stewart's wholly-owned subsidiary, Stewart Title Company, and certain of its wholly-owned domestic subsidiaries. Stewart has also granted the initial purchaser a 30-day option to purchase up to an additional $5 million aggregate principal amount of notes.

Announcement (October 8, 2009):

Stewart is planning to raise $60 million in a private placement of convertible senior notes due 2014.

Deal Value (US$ Million) 65
Deal Type                Private Placement
Sub-Category             None
Deal Status              Completed: 2009-10-15

Deal Participants

Target (Company)   Stewart Information Services Corporation
Acquirer (Company) Undisclosed Investors

Deal Rationale

Stewart Information Services will use the net proceeds from the placement to repay outstanding unsecured callable bank debt, which will result in an extension of its debt maturities.

For full details on Stewart Info Services Cp (STC) click here. Stewart Info Services Cp (STC) has Short Term PowerRatings of 3. Details on Stewart Info Services Cp (STC) Short Term PowerRatings is available at This Link.

More News: Market Updates | Stock Alerts | All Trading News | Stock Index

Archives

Feedback

Email Article Link

Close X

RELATED SITES

Please call 1-213-955-5858 ext. 1

Tax Relief Bank Levy Wage Garnishment

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.