-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, INHwxaAesRlYx38KzUOaZZXN8FtIyFkwwcHWnbU4p32lFtny7fbuiUwRXDDdKRKv voczXv2DrPT4I0g4JPRPGg== 0000074260-98-000002.txt : 19980108 0000074260-98-000002.hdr.sgml : 19980108 ACCESSION NUMBER: 0000074260-98-000002 CONFORMED SUBMISSION TYPE: S-3/A PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 19980107 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: OLD REPUBLIC INTERNATIONAL CORP CENTRAL INDEX KEY: 0000074260 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 362678171 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: S-3/A SEC ACT: SEC FILE NUMBER: 333-43311 FILM NUMBER: 98502214 BUSINESS ADDRESS: STREET 1: 307 N MICHIGAN AVE CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 3123468100 MAIL ADDRESS: STREET 1: 307 N MICHIGAN AVE CITY: CHICAGO STATE: IL ZIP: 60601 S-3/A 1 AMENDMENT NO. 1 TO REGISTRATION STATEMENT REGISTRATION NO. 333-43311 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 7, 1998 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------------------- AMENDMENT NO. 1 TO FORM S-3 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ------------------ OLD REPUBLIC INTERNATIONAL CORPORATION DELAWARE 36-2678171 (EXACT NAME OF (STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER REGISTRANT AS INCORPORATION OR ORGANIZATION) IDENTIFICATION SPECIFIED IN ITS NUMBER) CHARTER) 307 NORTH MICHIGAN AVENUE CHICAGO, ILLINOIS 60601-5382 (ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE, OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES) SPENCER LEROY III, ESQUIRE SENIOR VICE PRESIDENT, GENERAL COUNSEL AND SECRETARY OLD REPUBLIC INTERNATIONAL CORPORATION 307 NORTH MICHIGAN AVENUE CHICAGO, ILLINOIS 60601-5382 (312) 346-8100 (NAME, ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE, OF AGENT FOR SERVICE) ------------------------------ COPIES TO: KURT W. FLORIAN, ESQUIRE LORD, BISSELL & BROOK 115 SOUTH LA SALLE STREET CHICAGO, ILLINOIS 60603 (312) 443-1728 ----------------------------- APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: From time to time after this registration statement becomes effective. ----------------------------- 1 If the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. |_| If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities being offered only in connection with dividend or interest reinvestment plans, please check the following box. |X| If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. |_| If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. |_| If delivery of the prospectus is expected to be made pursuant to Rule 434, please check the following box. |_| THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(A), MAY DETERMINE. 2 PART II. INFORMATION NOT REQUIRED IN PROSPECTUS ITEM 16. LIST OF EXHIBITS. EXHIBIT 1.1+ Form of Underwriting Agreement (Debt) 1.2+ Form of Underwriting Agreement (Equity) 1.3+ Form of Underwriting Agreement (Stock Purchase Contracts) 1.4+ Form of Underwriting Agreement (Stock Purchase Units) 3.1 Restated Certificate of Incorporation of the Corporation (incorporated herein by reference to Exhibit 3(A) to the Corporation's Annual Report on Form 10-K for the year ended December 31, 1995). 3.2** Amended and Restated Bylaws of the Corporation. 4.1 Indenture dated as of August 15, 1992 between the Corporation and Wilmington Trust Company, as trustee (incorporated herein by reference to Exhibit 4(G) to the Corporation's Annual Report on Form 10-K for the year ended December 31, 1993). 4.2 Supplemental Indenture No. 1 dated as of June 16, 1997 supplementing the Indenture (incorporated herein by reference to Exhibit 4.3 to the Corporation's Registration Statement on Form 8-A filed on June 16, 1997). 4.3* Supplemental Indenture No. 2 dated as of December 31, 1997 supplementing the Indenture. 4.4+ Form of Deposit Agreement 4.5+ Form of Purchase Contract Agreement 4.6+ Form of Pledge Agreement 4.7 Certificate of Designations of Series G-2 Convertible Preferred Stock (incorporated herein by reference to Exhibit 4(A) to the Corporation's Annual Report on Form 10-K for the year ended December 31, 1995) 4.8 Amended and Restated Rights Agreement dated May 15, 1997 between the Corporation and The First Chicago Trust Company of New York (incorporated herein by reference to Exhibit 4.1 to the Corporation's Current Report on Form 8-K filed on May 30, 1997). 4.9 Certificate of Designations of Series A Junior Participating Preferred Stock (incorporated herein by reference to Exhibit 4.1 to the Corporation's Current Report on Form 8-K filed on May 30, 1997). 4.10 Agreement to furnish certain long-term debt instruments to the Securities and Exchange Commission upon request (incorporated herein by reference to Exhibit 4(D) to the Corporation's Form 8 filed on August 28, 1987). 5.1* Opinion of Spencer LeRoy III. 12.1* Statement re:Computation of ratio of earnings to fixed charges 12.2* Statement re:Computation of ratio of earnings to combined fixed charges and preferred stock dividends 23.1** Consent of Coopers & Lybrand L.L.P. 23.2* Consent of Spencer LeRoy III (included in Exhibit 5.1) 24.1** Powers of Attorney for the Corporation (included in signature pages) 25.1 Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of Wilmington Trust Company, as Trustee, under the Indenture (incorporated herein by reference to Exhibit 26 to the Corporation's Registration Statement No. 33-49064 on Form S-3, declared effective August 18, 1992). - -------- + To be filed under subsequent Form 8-K * Filed herewith ** Previously filed 3 SIGNATURES PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT CERTIFIES THAT IT HAS REASONABLE GROUNDS TO BELIEVE THAT IT MEETS ALL OF THE REQUIREMENTS FOR FILING ON FORM S-3 AND HAS DULY CAUSED THIS AMENDMENT NO. 1 TO THE REGISTRATION STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY AUTHORIZED, IN THE CITY OF CHICAGO, STATE OF ILLINOIS, ON JANUARY 7, 1998 Old Republic International Corporation By: /s/ A. C. Zucaro ----------------------------------- NAME: A. C. ZUCARO TITLE: CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THIS AMENDMENT NO. 1 TO THE REGISTRATION STATEMENT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS IN THE CAPACITIES AND ON THE DATE INDICATED. SIGNATURE TITLE DATE /s/ A. C. Zucaro Chairman, President January 7, 1998 - ----------------------- and Chief Executive A. C. ZUCARO Officer (Principal Executive Officer) /s/ Paul D. Adams Senior Vice January 7, 1998 - ---------------------- President, Chief Financial PAUL D. ADAMS Officer and Treasurer (Principal Financial Officer) /s/Harrington Bischof* Director January 7, 1998 - ---------------------- HARRINGTON BISCHOF /s/Anthony F. Colao* Senior Vice President January 7, 1998 - ---------------------- and Director ANTHONY F. COLAO /s/Kurt W. Kreyling* Director January 7, 1998 - ---------------------- KURT W. KREYLING /s/William G. White, Jr.* Director January 7, 1998 - ------------------------- WILLIAM G. WHITE, JR. /s/Jimmy A. Dew* Director January 7, 1998 - ------------------------- JIMMY A. DEW /s/Wilbur S. Legg* Director January 7, 1998 - ------------------------- WILBUR S. LEGG /s/John W. Popp* Director January 7, 1998 - ------------------------- JOHN W. POPP /s/ David Sursa* Director January 7, 1998 - ------------------------- DAVID SURSA /s/ Peter Lardner* Director January 7, 1998 - ------------------------- PETER LARDNER /s/William A. Simpson* Senior Vice President January 7, 1998 - ------------------------- and Director WILLIAM A. SIMPSON /s/Arnold L. Steiner* Director January 7, 1998 - ------------------------- ARNOLD L. STEINER * By /s/ A.C. Zucaro - ----------------------- A.C. Zucaro, Attorney-in-fact Pursuant to a power of attorney 4 EX-4.3 2 SUPPLEMENTAL INDENTURE NO.2 DATE 12/31/97 Exhibt 4.3 ---------- SUPPLEMENTAL INDENTURE NO. 2 ---------------------------- OLD REPUBLIC INTERNATIONAL CORPORATION to WILMINGTON TRUST COMPANY SUPPLEMENTAL INDENTURE NO. 2, dated as of December 31, 1997 between Old Republic International Corporation, a corporation duly organized and existing under the laws of the State of Delaware (herein called the "Company"), having its principal executive office at 307 North Michigan Avenue, Chicago, Illinois, and Wilmington Trust Company, a banking corporation duly organized and existing under the laws of the State of Delaware, as Trustee (herein called the "Trustee"). Recitals of the Company WHEREAS, the Company and the Trustee entered into an Indenture dated as of August 15, 1992 and Supplemental Indenture No. 1 thereto dated as of June 16, 1997 (as supplemented, the "Indenture") in connection with the issuance by the Company from time to time of its Debt Securities (herein called the "Debt Securities"); and WHEREAS, the Company issued a certain series of Debt Securities on August 26, 1992, and fully redeemed all such Debt Securities according to their terms and conditions on March 18, 1996; and WHEREAS, the Company issued a certain series of Debt Securities designated as the 7% Debentures due June 15, 2007 on June 23, 1997 in the aggregate principal amount of $115,000,000, and such 7% Debentures due June 15, 2007 remain outstanding; and WHEREAS, the Company may issue certain other Debt Securities and, prior to so doing, desires to enter into a supplemental indenture to modify certain provisions of the Indenture, as authorized by duly adopted resolutions of the Company's Board of Directors; and WHEREAS, Article Nine of the Indenture permits the Company to modify the Indenture from time to time by entering into one or more supplemental indentures, and all actions required to be taken under the Indenture with respect to this Supplemental Indenture have been taken. 1 NOW THEREFORE, in consideration of the premises, the parties hereby agree as follows: 1. Covenants. (a) Section 1006, Limitations on Issue or Disposition of Stock of Principal Insurance Subsidiaries, of Article Ten (as previously amended purusant to Supplemental Indenture No. 1) is hereby amended by adding to the beginning thereof the following clause: "(a) With respect to the 7% Debentures due June 15, 2007," (b) Section 1006, Limitations on Issue or Disposition of Stock of Principal Insurance Subsidiaries, of Article Ten (as previously amended pursuant to Supplemental Indenture No. 1) is hereby further amended by adding to the end thereof the following paragraph: "(b) With respect to any series of Debt Securities issued hereunder other than the 7% Debentures due June 15, 2007, this Indenture shall not prohibit the Company or any Principal Insurance Subsidiary from issuing, selling, assigning, transferring or otherwise disposing of, directly or indirectly, any of the capital stock of any Principal Insurance Subsidiary." 2 2. Ratification of Indenture. This Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Indenture, and as supplemented and modified hereby, the Indenture is in all respects ratified and confirmed, and the Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument. 3. Trust Indenture Act Controls. If any provision of this Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included in this Supplemental Indenture by the Trust Indenture Act, the required provision shall control. 4. Indenture Definitions. Capitalized terms used in this Supplemental Indenture and not otherwise defined shall have the meanings ascribed to them in the Indenture. 5. Governing Law. This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York, provided, however, that the rights, duties and liabilities of the Trustee shall be governed by and construed in accordance with the laws of the State of Delaware so long as the Wilmington Trust Company is Trustee. 6. Duplicate Originals. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 3 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written. (Seal) OLD REPUBLIC INTERNATIONAL CORPORATION Attest: By: - ------------------------------ ------------------------------- A. C. Zucaro, Chairman, President and Chief Executive Officer (Seal) WILMINGTON TRUST COMPANY as Trustee Attest: By: - ------------------------------ ------------------------------- 4 State of Illinois ) ) ss: County of Cook ) On ______________________, before me personally came A. C. Zucaro, to me known, who, being by me duly sworn, did depose and say that he is Chairman, President and Chief Executive Officer of Old Republic International Corporation, one of the corporations described in and which executed the foregoing instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation, and that he signed his name thereto by like authority. ------------------------------ State of Delaware ) ) ss: County of New Castle ) On ______________________, before me personally came ______________ _____________________, to me known, who, being by me duly sworn, did depose and say that he is Vice President of Wilmington Trust Company, one of the corporations described in and which executed the foregoing instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation, and that he signed his name thereto by like authority. ------------------------------ 5 EX-5.1 3 OPINION OF GENERAL COUNSEL Exhibit 5.1 ----------- Old Republic International Corporation January 7, 1998 Page 1 January 7, 1998 Old Republic International Corporation 307 North Michigan Avenue Chicago, Illinois 60601 Ladies and Gentlemen: I am General Counsel of Old Republic International Corporation, a Delaware corporation (the "Company"). This opinion is rendered in connection with the Registration Statement on Form S-3 (the "Registration Statement") filed with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Act"), with respect to the contemplated issuance by the Company from time to time of (i) unsecured senior debt securities and subordinated debt securities (the "Debt Securities"), which may be issued pursuant to an Indenture dated as of August 15, 1992 between the Company and Wilmington Trust Company, as Trustee (as supplemented, the "Indenture"); (ii) shares of preferred stock, par value $.01 per share (the "Preferred Stock"), which may be represented by depositary shares (the "Depositary Shares") evidenced by depositary receipts (the "Receipts"); (iii) shares of common stock of the Company, par value $1.00 per share (the "Common Stock"); (iv) warrants to purchase Debt Securities, Preferred Stock, Depositary Shares, Common Stock or other securities or rights (the "Warrants"); and (v) stock purchase contracts ("Purchase Contracts") which may be issued either alone or as part of units ("Stock Purchase Units") consisting of a Stock Purchase Contract and either (x) Debt Securities, (y) debt obligations of third parties or (z) Preferred Stock. I have examined originals or copies, certified or otherwise identified to my satisfaction, of such documents, corporate records, certificates of public officials and other instruments as I have deemed necessary for the purpose of rendering this opinion. In addition, this opinion is based upon the assumption that the Registration Statement and any required post-effective amendments thereto have become effective under the Act. On the basis of the foregoing I am of the opinion that: 1. Assuming that any Debt Securities and any supplemental indenture to be entered into in connection with the issuance of such Debt Securities have been duly authorized, when (i) the Registration Statement has become effective under the Act; (ii) a supplemental indenture with respect to the Debt Securities has been duly authorized, executed and delivered; (iii) the terms of the Debt Securities and of their issuance and sale have been duly established in conformity with the Indenture and the applicable supplemental indenture relating to such Debt Old Republic International Corporation January 7, 1998 Page 2 Securities so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental or regulatory body having jurisdiction over the Company; and (iv) the Debt Securities have been duly executed and authenticated in accordance with the Indenture and the applicable supplemental indenture relating to such Debt Securities, and duly issued and sold as contemplated by the Registration Statement and any prospectus supplement relating thereto, the Debt Securities (including any Debt Securities duly issued (x) upon the exchange or conversion of any shares of Preferred Stock that are exchangeable or convertible into Debt Securities, (y) upon exercise of any Warrants exercisable for Debt Securities or (z) as part of Stock Purchase Units ) will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to (a) bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and other similar laws now or hereafter in effect relating to or affecting creditors rights generally, and (b) general principles of equity (regardless of whether considered in a proceeding at law or in equity). 2. Assuming that a Deposit Agreement relating to the Depositary Shares (the "Deposit Agreement") has been duly authorized, when (i) the Registration Statement has become effective under the Act; (ii) the Deposit Agreement has been duly executed and delivered; (iii) the terms of the Depositary Shares and of their issuance and sale have been duly established in conformity with the Deposit Agreement relating to such Depositary Shares so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental or regulatory body having jurisdiction over the Company; (iv) the Preferred Stock has been duly and properly authorized for issuance and the certificate of designations relating to the Preferred Stock and setting forth the terms thereof has been filed; (v) such shares of Preferred Stock have been duly issued and paid for in the manner contemplated in the Registration Statement and any prospectus supplement relating thereto; and (vi) the Receipts evidencing the Depositary Shares are duly issued against the deposit of the Preferred Stock in accordance with the Deposit Agreement, such Receipts will be validly issued and will entitle the holders thereof to the rights specified therein and in the Deposit Agreement. 3. Assuming that a Warrant Agreement relating to the Warrants (the "Warrant Agreement") has been duly authorized, when (i) the Registration Statement has become effective under the Act; (ii) the Warrant Agreement has been duly executed and delivered; (iii) the terms of the Warrants and of their issuance and sale have been duly established in conformity with the Warrant Agreement relating to such Warrants so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental or regulatory body having jurisdiction over the Company; and (iv) the Old Republic International Corporation January 7, 1998 Page 3 Warrants have been duly executed and countersigned in accordance with the Warrant Agreement relating to such Warrants, and issued and sold in the form and in the manner contemplated in the Registration Statement and any prospectus supplement relating thereto, such Warrants will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to (a) bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and other similar laws now or hereafter in effect relating to or affecting creditors' rights generally, and (b) general principles of equity (regardless of whether considered in a proceeding at law or in equity). 4. When (i) the Registration Statement has become effective under the Act; (ii) the Preferred Stock has been duly and properly authorized for issuance and the certificate of designations relating to the Preferred Stock and setting forth the terms thereof has been filed; and (iii) such shares of Preferred Stock have been duly issued and paid for in the manner contemplated in the Registration Statement and any prospectus supplement relating thereto, such shares of Preferred Stock will be validly issued, fully paid and nonassessable. 5. When (i) the Registration Statement has become effective under the Act; (ii) the shares of Common Stock have been duly and properly authorized for issuance; and (iii) the shares of Common Stock have been duly issued, sold and delivered as contemplated in the Registration Statement and any prospectus supplement relating thereto, the shares of Common Stock (including any Common Stock duly issued (w) upon the exchange or conversion of any shares of Preferred Stock that are exchangeable or convertible into Common Stock, (x) upon the exercise of any Warrants exercisable for Common Stock, (y) upon the conversion or exchange of any Debt Securities that are convertible or exchangeable into Common Stock or (z) pursuant to Stock Purchase Contracts), will be validly issued, fully paid and nonassessable. 6. Assuming that a Purchase Contract Agreement relating to the Purchase Contracts (the "Purchase Contract Agreement") and such Purchase Contracts have been duly authorized, when (i) the Registration Statement has become effective under the Act; (ii) the Purchase Contract Agreement has been duly executed and delivered; (iii) the terms of the Purchase Contracts have been duly established so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental or regulatory body having jurisdiction over the Company; (iv) the Purchase Contracts have been duly executed and issued in accordance with the Purchase Contract Agreement relating to such Purchase Contracts, and issued and sold in the form and in the manner contemplated in the Registration Statement and any prospectus supplement relating thereto, such Purchase Contracts will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, subject to (a) bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and other similar laws now or hereafter in effect relating to or affecting Old Republic International Corporation January 7, 1998 Page 4 creditors' rights generally, and (b) general principles of equity (regardless of whether considered in a proceeding at law or in equity). 7. Assuming that the Stock Purchase Units, a Purchase Contract Agreement relating to the Purchase Contracts comprising a part of the Stock Purchase Units and such Purchase Contracts have been duly authorized, when (i) the Registration Statement has become effective under the Act; (ii) the Purchase Contract Agreement has been duly executed and delivered; (iii) the terms of the Purchase Contracts and of their issuance and sale have been duly established in conformity with the Purchase Contract Agreement so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental or regulatory body having jurisdiction over the Company; and (iv) the Purchase Contracts have been duly executed and issued in accordance with the Purchase Contract Agreement relating to such Purchase Contracts, and issued and sold in the form and in the manner contemplated in the Registration Statement and any prospectus supplement relating thereto, such Stock Purchase Units will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, subject to (a) bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and other similar laws now or hereafter in effect relating to or affecting creditors' rights generally, and (b) general principles of equity (regardless of whether considered in a proceeding at law or in equity). The foregoing opinion is limited to the General Corporation Law of the State of Delaware and the federal laws of the United States of America. I hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement and to the reference to me in the Registration Statement and the related prospectus. Very truly yours, /s/ Spencer LeRoy III -------------------------- General Counsel EX-12.1 4 STATEMENT RE: COMPUTATION OF RATIO Exhibit 12.1 ------------ OLD REPUBLIC INTERNATIONAL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Whole dollar amounts) - ----------------------------------------------------------------------------------------------------------------------------------- Nine Months Ended September 30, Years Ended December 31, ------------------------- ----------------------------------------------------------------------- 1997 1996 1996 1995 1994 1993 1992 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Pre-tax operating income $298,860,787 $237,891,764 $327,288,694 $266,261,412 $218,130,617 $203,076,621 $187,914,438 Pre-tax realized investment gains 17,632,464 13,427,646 15,138,480 49,783,480 7,746,427 40,255,205 62,800,708 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Adjusted pre-tax income 316,493,251 251,319,410 342,427,174 316,044,892 225,877,044 243,331,826 250,715,146 Add back fixed charges: Interest expense 7,059,461 8,961,817 10,855,591 23,024,172 19,819,805 20,029,674 18,178,483 Amortization of debt expenses 28,465 65,429 65,429 248,126 186,848 309,404 127,946 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Pretax income as adjusted $323,581,177 $260,346,656 $353,348,194 $339,317,190 $245,883,697 $263,670,904 $269,021,575 ============ ============ ============ ============ ============ ============ ============ Fixed charges: Interest expense $7,059,461 $8,961,817 10,855,591 23,024,172 19,819,805 20,029,674 18,178,483 Amortization of debt expenses 28,465 65,429 65,429 248,126 186,848 309,404 127,946 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Total fixed charges $7,087,926 $9,027,246 10,921,020 23,272,298 20,006,653 20,339,078 18,306,429 ============ ============ ============ ============ ============ ============ ============ Ratio of earnings to fixed charges 45.7x 28.8x 32.4x 14.6x 12.3x 13.0x 14.7x ============ ============ ============ ============ ============ ============ ============
EX-12.2 5 STATEMENT RE: COMPUTATION OR RATIO Exhibit 12.2 ------------ OLD REPUBLIC INTERNATIONAL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS - ----------------------------------------------------------------------------------------------------------------------------------- Nine Months Ended September 30, Years Ended December 31, ------------------------- ----------------------------------------------------------------------- 1997 1996 1996 1995 1994 1993 1992 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Pre-tax operating income $298,860,787 $237,891,764 $327,288,694 $266,261,412 $218,130,617 $203,076,621 $187,914,438 Pre-tax realized investment gains 17,632,464 13,427,646 15,138,480 49,783,480 7,746,427 40,255,205 62,800,708 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Adjusted pre-tax income 316,493,251 251,319,410 342,427,174 316,044,892 225,877,044 243,331,826 250,715,146 Add back fixed charges: Interest expense 7,059,461 8,961,817 10,855,591 23,024,172 19,819,805 20,029,674 18,178,483 Amortization of debt expenses 28,465 65,429 65,429 248,126 186,848 309,404 127,946 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Pretax income as adjusted $323,581,177 $260,346,656 $353,348,194 $339,317,190 $245,883,697 $263,670,904 $269,021,575 ============ ============ ============ ============ ============ ============ ============ Fixed charges and preferred stock dividends: Interest expense $7,059,461 $8,961,817 10,855,591 23,024,172 19,819,805 20,029,674 18,178,483 Amortization of debt expenses 28,465 65,429 65,429 248,126 186,848 309,404 127,946 Preferred stock dividends (pre-tax) 2,521,854 8,542,205 11,068,960 10,061,185 10,513,404 10,704,012 11,263,608 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Total fixed charges and preferred stock dividends $9,609,780 $17,569,451 $21,989,980 $33,333,483 $30,520,057 $31,043,090 $29,570,037 ============ ============ ============ ============ ============ ============ ============ Ratio of earnings to fixed and preferred stock dividends 33.7x 14.8x 16.1x 10.2x 8.1x 8.5x 9.1x ============ ============ ============ ============ ============ ============ ============
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