OLD REPUBLIC INTERNATIONAL CORPORI

OLD REPUBLIC INTERNATIONAL CORP Debt Disclosure

10-KFiled Feb 26, 20261 min read
Debt
Consolidated debt of Old Republic and its subsidiaries is summarized below:

Years Ended December 31:
20252024
Senior Notes:
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
3.875% issued in 2016 and due 2026$549.6 $549.7 $549.0 $541.4 
5.750% issued in 2024 and due 2034396.6 416.4 396.2 401.3 
3.850% issued in 2021 and due 2051643.6 471.9 643.4 458.0 
Total debt$1,589.9 $1,438.2 $1,588.7 $1,400.7 

On August 26, 2016, the Company completed a public offering of $550.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 3.875% per year and mature on August 26, 2026.

On June 11, 2021, the Company completed a public offering of $650.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 3.850% per year and mature on June 11, 2051.

On March 31, 2024, the Company completed a public offering of $400.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 5.750% per year and mature on March 28, 2034.

During 2025, 2024, and 2023, $70.5, $79.8, and $67.2, respectively, of interest expense on debt was charged to consolidated operations.

Fair Value Measurements - The Company utilizes indicative market prices, which incorporate recent actual market transactions and current bid/ask quotations to estimate the fair value of outstanding debt, all of which is classified within Level 2 of the fair value hierarchy described in Note 3.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 28, 2024
2022Feb 24, 2023
2021Feb 28, 2022

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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